Contract Cost Plus Agreement With Gmp In Queens
Category:
State:
Multi-State
County:
Queens
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Contract Cost Plus Agreement with GMP in Queens is a construction contract that outlines the terms between a contractor and an owner, establishing a cost-plus basis for project expenses. Key features include a detailed scope of work, work site specifics, and the contractor's obligation to secure necessary permits. The agreement emphasizes that soil conditions affecting the project are the owner's responsibility and addresses insurance requirements to protect both parties. It's essential for the owner to provide a boundary survey and title opinion before construction begins. The document allows for changes to the scope of work through a formal written Change Order, impacting overall project costs. Payment structures can vary, including options for both cost-plus and fixed fee arrangements. The contract includes provisions for late payments and warranties limited to workmanship defects within one year. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction law, ensuring clarity in contractual obligations and protecting stakeholder interests throughout the construction process.
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FAQ
Disadvantages of GMP contracts Potential for disputes: While shared savings can be an advantage, it can also lead to disagreements over project management decisions, especially if there's a perception that savings are being prioritized over quality.
Ing to Boundy (2012), typically, a written contract will include: Date of agreement. Names of parties to the agreement. Preliminary clauses. Defined terms. Main contract clauses. Schedules/appendices and signature provisions (para. 5).
