Construction Cost Contract Plus With Guaranteed Maximum Price In Michigan
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The Construction Cost Contract Plus With Guaranteed Maximum Price in Michigan is a vital document designed to clarify the obligations and expectations of both the Contractor and the Owner regarding a construction project. This contract outlines key features such as the scope of work, work site specifications, permit requirements, and provisions for soil conditions. A significant aspect of this form is the flexibility it provides in payment structures, allowing for either cost-plus or fixed fee arrangements, which can be tailored to the financial agreements between the parties. Furthermore, it includes guidance on making changes to the scope of work through written "Change Orders," ensuring both parties remain informed of any adjustments in costs. Filling out this form requires attention to detail, as users must provide accurate project specifications, payment terms, and insurance coverage. The form is particularly beneficial for Attorneys, Partners, Owners, Associates, Paralegals, and Legal Assistants, as it establishes clear legal expectations and mitigates risks associated with construction projects. By utilizing this contract, legal professionals can facilitate smoother negotiations and enforce compliance with construction laws in Michigan.
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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.
