Construction Contract Cost Plus With Guaranteed Maximum Price In Philadelphia
Category:
State:
Multi-State
County:
Philadelphia
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract for cost plus with guaranteed maximum price in Philadelphia outlines the agreement between the Contractor and the Owner for constructing a residential project. Key features include the definition of the scope of work, obligations for obtaining required permits, and the responsibility for soil conditions. The contract specifies that the Contractor will be compensated based on the actual costs incurred plus a fixed fee, with provisions for change orders and extra expenses clearly defined. Additionally, it includes terms related to late payments, contractor's warranty, and the necessity for a boundary survey and title opinion before construction begins. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants in managing construction projects and ensuring legal compliance. It provides a structured approach for defining roles and responsibilities, protecting against financial risk, and handling disputes that may arise during construction.
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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.
Maximum Allowable Construction Area (MACA) “ the combined total of the Maximum Allowable PSO and the Maximum Allowable ISA. Maximum Allowable Unpaved Surface Area (USA) “ portion of the lot that shall remain unpaved and reserved for softscaping/planting.
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.