Cost Plus Construction Contract With Guaranteed Maximum Price In Miami-Dade
Category:
State:
Multi-State
County:
Miami-Dade
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Construction Contract with Guaranteed Maximum Price in Miami-Dade is a legal document designed to outline the agreement between the Contractor and Owner for the construction of a residential project. This contract specifies the Contractor's responsibilities, including providing labor and materials as described in the project's specifications. It includes key features such as the scope of work, insurance obligations, and conditions surrounding changes to work scope via 'Change Orders.' Of particular note is the payment structure, which reflects the cost plus model, ensuring that the Owner pays for the actual costs incurred by the Contractor plus a set fee, but with a limit to control expenses. Filling out this form requires specifying the project's address, details regarding permits, and insurance requirements, which are essential for compliance and protection. This construction contract is especially useful for attorneys, owners, partners, associates, paralegals, and legal assistants in the building industry, as it provides a framework for managing the financial and legal aspects of construction projects. It helps avoid disputes through clear terms and conditions, fostering a mutual understanding between the involved parties.
Free preview
Form popularity
FAQ
One of the biggest benefits of the Construction Manager-at-Risk (CM-R) delivery method is the development of a working partnership between the Owner, design team, and contractor. Typically, with the CM-R process, the contractor will be hired during the design phase shortly after an architect has been selected.
They work closely with project managers, health and safety teams, human resources and legal teams. Risk managers create policies to protect assets and minimise accidents, mistakes, budget loss or public liability.
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.
