Cost Plus Construction Contract With Guaranteed Maximum Price In Pennsylvania
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The Cost Plus Construction Contract with Guaranteed Maximum Price in Pennsylvania is designed for projects where the owner compensates the contractor for actual costs incurred plus a fixed fee, ensuring a cap on total expenses. This form includes essential sections detailing the scope of work, work site, permits, and insurance requirements, which define responsibilities and liabilities for both parties. It allows for changes to the scope of work via formal change orders, ensuring documentation of any alterations. The contractor's fee section can accommodate both cost plus and fixed fee arrangements, allowing flexibility based on project needs. A warranty is included, limiting the contractor's obligations to a one-year period for defects in workmanship. This form facilitates clear communication and understanding between contractors and owners about expectations and responsibilities. It is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants needing to navigate construction contracts within Pennsylvania. This contract helps mitigate disputes and provides a comprehensive framework for construction projects, catering to varying levels of legal experience.
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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.
