Cost Plus Construction Contract With Guaranteed Maximum Price In Queens
Category:
State:
Multi-State
County:
Queens
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost plus construction contract with guaranteed maximum price in Queens outlines the agreement between the Contractor and Owner for construction services. This contract includes the scope of work, work site, necessary permits, and insurance requirements, emphasizing the Contractor's responsibilities and the Owner's obligations. A key feature is the cost-plus payment structure, where the Owner pays the actual costs of materials plus a predetermined fee, providing transparency in costs with a guaranteed maximum price. Change orders are allowed, which require written documentation and may result in additional costs. The contract also addresses late payments and warranties, limiting the Contractor's liability for defects. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, ensuring clear communication and legal protection throughout the building process in Queens.
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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.
