Cost Plus Construction Contract With Guaranteed Maximum Price In Minnesota
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Description
The Cost Plus Construction Contract with Guaranteed Maximum Price in Minnesota is a legal document designed to facilitate construction projects between a contractor and an owner. This contract stipulates that the owner will pay the contractor for the actual cost of materials along with a specified fee for services rendered, ensuring a transparent approach to project costing. Key features include a defined scope of work, work site designation, permit acquisition responsibilities, soil condition disclaimers, and insurance requirements. It allows for changes to the project scope through documented Change Orders, making it adaptable. The contract includes provisions for late payments and warranties, protecting both parties. Filling instructions emphasize the need to complete specific sections regarding costs and contracts, enabling clear understanding. This document is valuable for attorneys, partners, owners, associates, paralegals, and legal assistants as it sets a clear framework for managing construction projects, outlines responsibilities, and protects legal rights.
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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.
