Cost Plus Construction Contract With Guaranteed Maximum Price 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 Guaranteed Maximum Price in Palm Beach provides a structured agreement between a contractor and an owner for residential construction projects. Key features include a detailed scope of work, work site specifications, and provisions for permits and insurance. The contract emphasizes the contractor's responsibilities for obtaining necessary permits while clarifying that soil conditions are the owner's responsibility. Importantly, the contract allows for changes to the project scope through written change orders, ensuring all adjustments are documented and approved. The compensation structure can be based on actual costs plus a specified fee, fostering transparency in pricing. Late payment terms are included, outlining penalties for overdue payments. This contract is particularly useful for attorneys, partners, and owners involved in construction, providing clear guidelines on responsibilities and financial arrangements. Paralegals and legal assistants benefit from its organized format for ease of editing and filling out, making it accessible for users with varying legal experience.
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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.
