Cost Plus Construction Contract With Gmp In Palm Beach
Category:
State:
Multi-State
County:
Palm Beach
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Construction Contract with GMP in Palm Beach is designed for use between a contractor and an owner, establishing clear expectations around construction projects. Key features include the scope of work, work site details, and responsibilities regarding permits and soil conditions. The document specifies that the contractor will be compensated based on the actual cost of materials plus a guaranteed maximum price (GMP), ensuring budget control for owners. The form includes provisions for changes to the scope of work through written change orders, ensuring flexibility during the construction process. It mandates that the contractor maintains essential insurances, protecting both parties from potential liabilities. For attorneys, this contract is a vital tool to facilitate clear agreements, while owners can benefit from its transparency regarding costs and responsibilities. Paralegals and legal assistants can utilize the form for drafting, ensuring compliant and accurate documentation. Overall, this contract serves as a reliable framework for construction projects, highlighting financial responsibilities and project details tailored to the Palm Beach area.
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FAQ
Disadvantages of GMP contracts Potential for disputes: While shared savings can be an advantage, it can also lead to disagreements over project management decisions, especially if there's a perception that savings are being prioritized over quality.
