Cost Plus Construction Contract With Guaranteed Maximum Price In Nassau
Category:
State:
Multi-State
County:
Nassau
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Construction Contract with Guaranteed Maximum Price in Nassau is a legally binding agreement between a contractor and an owner for construction services on a specified project. This contract outlines the scope of work, which includes labor and materials, along with the project's location and plans. A key feature is the cost-plus structure, where the owner agrees to pay the contractor for actual costs incurred plus a fixed fee, ensuring that project expenses are transparent. The contract stipulates that any changes to the scope must be documented through a written change order, with costs being the owner's responsibility. It also details responsibilities for insurance and the provision of necessary permits and surveys by the owner. The contractor's warranty covers defects in workmanship for one year. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants engaged in construction projects, as it provides clarity on financial obligations and project management, making it easier to navigate potential disputes or changes during construction.
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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.
