Construction Contract Cost Plus With Guaranteed Maximum Price In Michigan
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Description
The Construction Contract Cost Plus with Guaranteed Maximum Price in Michigan is a formal agreement between a contractor and an owner outlining the responsibilities and expectations for a construction project. The key features include the delineation of the scope of work, the work site, and the conditions under which changes can be made via written change orders. This contract specifies that the owner will pay the actual costs incurred by the contractor, alongside a defined fee for services, while also providing precise provisions for late payments and warranty claims. The contract emphasizes the contractor's liability for obtaining permits and maintaining insurance, along with the stipulation that soil conditions are the owner's responsibility. Filling out this form requires clear identification of parties, detailed project descriptions, and agreement on payment structures. This document is particularly useful for attorneys, partners, and owners engaged in construction, as it ensures clarity on financial commitments and procedural expectations. Associations, paralegals, and legal assistants can also utilize this form to facilitate compliance with contractual obligations and safeguard their clients' interests.
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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.
