Construction Contract Cost Plus With Guaranteed Maximum Price In Montgomery
Category:
State:
Multi-State
County:
Montgomery
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract Cost Plus with Guaranteed Maximum Price in Montgomery is a legal document outlining the agreement between a contractor and an owner for constructing a residential project. This form includes key features such as a defined scope of work, site location, and responsibilities regarding permits and soil conditions. A notable aspect of this contract is its cost-plus structure, where the owner agrees to pay the actual costs incurred by the contractor plus an additional fee, ensuring cost transparency. The contract requires written change orders for any modifications to the project scope, thus protecting both parties' interests. It also emphasizes insurance responsibilities and the need for a boundary survey and title opinion before construction starts. Utility of this form extends to various legal professionals including attorneys, partners, and paralegals who may assist in drafting or reviewing the contract. Owners and associates benefit by clearly understanding their financial obligations and rights. With clear filing and editing instructions, this form serves as a critical tool for ensuring compliance with local regulations while providing a structured approach to project management.
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FAQ
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.
Maximum Contract Value means the amount specified in the "Limitation of Expenditure" clause set out in the Contract; and “Minimum Contract Value “means 10% of the Maximum Contract Value.
