Construction Cost Contract 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 Cost Contract Plus with Guaranteed Maximum Price in Philadelphia is a formal agreement between a contractor and an owner for a construction project. This contract specifies the scope of work, work site, necessary permits, and insurance requirements. It allows the owner to make changes to the project through written change orders, and details the contractor's fee, which can be structured as either cost plus or fixed fee. Late payment terms are outlined, along with a warranty provision that limits contractor liability to workmanship defects for one year. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear framework for construction agreements and helps ensure compliance with local regulations. It streamlines the process of managing project costs and changes while protecting the interests of both parties involved.
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FAQ
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.
In short, a construction risk manager "identifies risks and comes up with methods for avoiding them," write the career experts at Indeed. "They consider the financial, legal, environmental and reputational risks that the organization and employees may face."
