Cost Plus Construction Contract With Guaranteed Maximum Price In Michigan
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Description
The cost plus construction contract with guaranteed maximum price in Michigan is designed to provide clarity and security for both contractors and owners during a construction project. This contract outlines the responsibilities of the contractor, including the provision of labor and materials, and establishes a guaranteed maximum price that ensures cost overruns do not penalize the owner financially beyond the agreed limit. Key features include detailed sections on project scope, site conditions, permits, insurance requirements, and procedures for handling changes to the project. The contract also specifies the payment structure, ensuring transparency in costs associated with labor and materials. Specific instructions for filling out the form include specifying the project location, attaching relevant plans, and outlining payment expectations clearly. Use cases for this contract are particularly relevant for attorneys, partners, and business owners who manage or oversee construction projects, as well as paralegals and legal assistants who may assist in drafting or reviewing such contracts. Overall, this form promotes fairness and clear communication regarding financial responsibilities in construction projects.
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FAQ
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.
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.
