What is the maximum contract value?

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.

US Legal Forms
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Construction Contractor Forms
Multi-State
Construction Contract for Home - Fixed Fee or Cost Plus

Construction Cost Contract Plus With Guaranteed Maximum Price In New York

Q: What is the maximum contract value?

Maximum Contract Value means the amount specified in the &quot;Limitation of Expenditure&quot; clause set out in the Contract; and Minimum Contract Value means 10% of the Maximum Contract Value.

Category:

Construction - Contractors

State:

Multi-State

Control #:

US-00462

Format:

Instant download

Description

The Construction Cost Contract Plus with Guaranteed Maximum Price in New York outlines the agreement between a contractor and owner, detailing the scope of work, work site, permits, soil conditions, insurance, and payment terms. This contract allows the owner to understand their financial limits, as it guarantees a maximum price while outlining the actual costs incurred by the contractor. Key features include the requirement for written change orders for any modifications, the handling of late payments, and a limited warranty on workmanship. Filling out the form requires specifying the project details, including the description of the work, the payment structure, and any additional costs related to changes. The form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, as it helps clarify responsibilities and protects both parties' interests. Its straightforward terms also assist individuals with little legal experience in understanding their obligations and rights in construction agreements.

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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

We protect your documents and personal data by following strict security and privacy standards.

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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.

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.