Construction Cost Contract Plus With Gmp In Montgomery
Category:
State:
Multi-State
County:
Montgomery
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Cost Contract Plus with GMP in Montgomery outlines the agreement between the Contractor and the Owner for a construction project. This contract specifies essential details such as the scope of work, work site location, and the responsibilities of both parties regarding permits, soil conditions, insurance, and changes to the project scope. It includes provisions for the Contractor's fee structure, whether it's based on actual costs plus a fee or a fixed fee. The contract emphasizes the need for written change orders for adjustments, ensuring clarity in financial implications. It also addresses late payments and warranties for workmanship, thereby protecting both parties' interests. This form is particularly beneficial for attorneys and legal professionals who need to ensure comprehensive agreements are drafted and adhered to, while also supporting owners in clearly laying out their expectations and responsibilities. Paralegals and legal assistants can utilize the form to facilitate communication and understanding among contractors and owners, ensuring compliance with local regulations while streamlining the construction process.
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FAQ
Disadvantages of GMP contracts Potential for disputes: While shared savings can be an advantage, it can also lead to disagreements over project management decisions, especially if there's a perception that savings are being prioritized over quality.
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.
