Construction Contract Cost Plus With Gmp In Ohio
Instant download
Description
The Construction Contract Cost Plus with GMP in Ohio is a formal agreement between a Contractor and an Owner detailing the terms of a construction project. Key features of this form include a clear scope of work, responsibilities regarding soil conditions, insurance obligations, and change order procedures. It specifies that the Owner will compensate the Contractor for actual costs of materials plus a fee for services, establishing a cost-plus payment structure with a guaranteed maximum price (GMP). This document is essential for ensuring all parties understand their rights and obligations throughout the construction process. Filling instructions emphasize clarity in providing project details and financial terms. This form is particularly useful for attorneys, partners, and legal assistants involved in construction law, as it outlines legal protections and procedural requirements. Paralegals and legal assistants can expedite the drafting and review process by using this standardized format. Furthermore, Owners benefit by having a structured agreement that outlines costs and warranties, providing a mechanism for addressing changes and potential disputes during the project.
Free preview
Form popularity
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.
