Contract Cost Plus Agreement With Gmp In Minnesota
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The Contract Cost Plus Agreement with GMP in Minnesota is a construction contract that outlines the responsibilities and payments between the Contractor and the Owner. Key features include a detailed scope of work, identification of the work site, and the requirement for the Contractor to obtain necessary permits. The contract specifies that the Contractor is not liable for soil conditions, and any additional site work costs will fall on the Owner. Insurance requirements are outlined for the Contractor, along with the need for a boundary survey and title opinion from the Owner. Changes to the project's scope can be made through written change orders, with owners responsible for any increased costs. Payment terms allow for either a cost-plus structure or a fixed fee approach, providing flexibility. Additionally, late payments incur penalties, and warranties are limited to defects identified within one year. This form is useful for attorneys, partners, owners, associates, paralegals, and legal assistants aiming to establish clear contractual terms and protect both parties' interests in construction projects.
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Series A O/C Agreements. B O/A Agreements. C Other Agreements. D Miscellaneous. E Exhibits. F Facility Management. G Forms.
The major difference between lump sum and EPC is that, in EPC the contractor has the responsibility of design and construction. b. Where as in lump sum contract the design and drawings are prepared by the technical team of the owner.
