Construction Contract Cost Plus With Guaranteed Maximum Price In New York

• Category: Construction - Contractors
• State: Multi-State
• Control #: US-00462
• Format: Word; Rich Text

Description

The Construction Contract Cost Plus with Guaranteed Maximum Price in New York provides a framework for a contractor and owner to agree on project terms with a transparent cost structure. Key features include a clear scope of work, specified work site details, and the allocation of responsibility for obtaining necessary permits. The contractor is not liable for soil conditions at the work site, putting the onus on the owner to inspect and specify any additional site work required. The contract outlines insurance responsibilities, necessitating general liability and workers' compensation coverage. Importantly, it includes provisions for change orders, allowing the owner to modify the scope of work while agreeing to cover any cost increases. Payment terms are structured as either cost plus or fixed fee, offering flexibility based on the project needs. Furthermore, late payment charges and warranty terms are clearly defined, ensuring protection for both parties. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction law, providing them with a reliable template to facilitate clear agreements and manage client expectations.