Construction Cost Contract Plus With Guaranteed Maximum Price In Pennsylvania
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Description
The Construction Cost Contract Plus with Guaranteed Maximum Price in Pennsylvania outlines the contractual agreement between a Contractor and an Owner for the construction of a project. Key features of this form include a detailed scope of work, specifications for the work site, and the responsibilities for obtaining necessary permits and addressing soil conditions. The contract includes clauses that allow the Owner to modify the scope of work through written change orders, which may incur additional costs. Additionally, the agreement stipulates the payment terms, including options for cost-plus or fixed fee arrangements, and outlines consequences for late payments. A warranty clause specifies the limitations on the Contractor's liability for defects. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides clear guidelines for managing construction projects and protects the interests of all parties involved.
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FAQ
One of the biggest benefits of the Construction Manager-at-Risk (CM-R) delivery method is the development of a working partnership between the Owner, design team, and contractor. Typically, with the CM-R process, the contractor will be hired during the design phase shortly after an architect has been selected.
They work closely with project managers, health and safety teams, human resources and legal teams. Risk managers create policies to protect assets and minimise accidents, mistakes, budget loss or public liability.
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.
