Construction Contract Cost Plus With Guaranteed Maximum Price In Nevada
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Description
The Construction Contract Cost Plus with Guaranteed Maximum Price in Nevada is a comprehensive legal document between a Contractor and an Owner, outlining the terms of a construction project. Key features include a detailed scope of work, defined work site, and stipulations for permits and insurance. It emphasizes that soil conditions and any changes to the scope of work can incur additional costs, which must be documented via written Change Orders. The contract allows for a cost-plus fee arrangement, where the Owner agrees to pay for actual materials plus a specified sum for services or an alternative fixed fee. The agreement also includes provisions for late payments, stating that a late charge of one percent applies to overdue payments. Furthermore, the warranty details are limited to workmanship defects arising within one year from the date of the contract. This form is particularly useful for attorneys, owners, and contractors as it clearly outlines legal responsibilities, financial obligations, and procedural rules, providing a reliable framework for construction projects in Nevada.
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FAQ
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.
