Construction Contract Cost Plus With Guaranteed Maximum Price In Maryland
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The Construction Contract Cost Plus with Guaranteed Maximum Price in Maryland is a legally binding document between a contractor and an owner outlining the scope of work, responsibilities, and financial arrangements for a construction project. Key features include detailed descriptions of the project, the work site, necessary permits, and insurance requirements. The contractor is compensated based on actual costs plus a fee, guaranteeing the maximum price to provide financial clarity and protection for the owner. The form also stipulates procedures for changes in the scope of work and outlines late payment penalties. It is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate or construction law, as it provides a clear framework for managing projects. By using this form, professionals can ensure compliance with local laws while effectively managing contractor relationships and financial expectations. Additionally, the form aids in protecting the interests of both parties and facilitates a smoother construction process.
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The GMP Budget is the amount the Trustees have budgeted for the construction Contract. The award of a construction contract is contingent upon receiving an actual GMP within the GMP Budget.
Maximum Allowable Construction Area (MACA) “ the combined total of the Maximum Allowable PSO and the Maximum Allowable ISA. Maximum Allowable Unpaved Surface Area (USA) “ portion of the lot that shall remain unpaved and reserved for softscaping/planting.
