Construction Cost Contract Plus With Guaranteed Maximum Price In New York
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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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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.
