Cost Plus Construction Contract With Guaranteed Maximum Price In Maryland
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The Cost Plus Construction Contract with Guaranteed Maximum Price in Maryland outlines the agreement between the Contractor and the Owner for a construction project. This contract specifies the Contractor's responsibilities, including labor and materials for the Project, navigating permits, and managing unique soil conditions at the Work Site. It includes provisions for changes to the scope of work through written Change Orders, ensuring the Owner pays any cost increases resulting from these changes. A notable feature is the compensation arrangement, allowing for payment based on actual construction costs plus a specified fee, or a fixed fee option. The contract also addresses late payments, providing terms for penalties and default, as well as a limited warranty for defects in workmanship. This contract is valuable for attorneys, partners, owners, associates, paralegals, and legal assistants in navigating construction law, ensuring compliance with local regulations, and protecting the interests of both parties in construction projects.
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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.
