Construction Contract Cost Plus With Gmp In Phoenix
Category:
State:
Multi-State
City:
Phoenix
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract Cost Plus with GMP in Phoenix is a legal agreement designed for construction projects where the contractor is compensated based on the actual costs of materials plus an agreed-upon fee. It outlines critical components such as the scope of work, work site details, permit responsibilities, soil conditions, insurance requirements, and procedures for changes in project scope. The form serves various roles in the construction process, including defining contractor obligations, payment structures, and warranty terms. Specifically useful for attorneys, partners, owners, associates, paralegals, and legal assistants, this form facilitates clear communication and helps protect the rights of both parties involved. It ensures that any changes to the project are documented through written change orders, and it establishes late payment penalties to encourage timely transactions. By structuring the contractor's fee as either cost plus or fixed fee, the contract allows flexibility based on project needs. As such, it is particularly relevant in Phoenix's construction market, adhering to local regulations and addressing common challenges in construction agreements.
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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.
