Construction Contract Cost Plus With Guaranteed Maximum Price In Ohio
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Description
The Construction Contract Cost Plus with Guaranteed Maximum Price in Ohio is a legal document that outlines the obligations and expectations between a contractor and an owner for a construction project. Key features of this form include defining the scope of work, detailing the work site, and establishing insurance requirements. The contract allows for modifications through written change orders, ensuring flexibility as the project progresses. It specifies payment structures, including a cost-plus approach, where the owner agrees to pay the contractor for actual costs plus a fee, and a fixed fee option. Additionally, provisions for late payment, warranties, and soil condition considerations are included. This form is essential for attorneys, partners, owners, associates, paralegals, and legal assistants who need to ensure that construction agreements are clear and enforceable. Its use cases range from residential to commercial projects, making it a valuable tool for legal compliance and project management.
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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.
