Construction Contract Cost Plus With Guaranteed Maximum Price In Riverside
Category:
State:
Multi-State
County:
Riverside
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The construction contract cost plus with guaranteed maximum price in Riverside is a formal agreement between a contractor and an owner outlining the terms of a construction project. This contract allows the contractor to be reimbursed for actual construction costs while including a guaranteed maximum price to limit the owner's financial exposure. Key features of the form include the definition of the scope of work, provisions for obtaining necessary permits, and clarification on soil conditions and their related costs. The contractor is required to maintain adequate insurance and is responsible for providing a boundary survey and title opinion prior to construction. The form also accommodates changes to the scope of work via written change orders, ensuring transparency in cost adjustments. Late payment penalties and warranty provisions are included to protect the interests of both parties. This form serves multiple stakeholders, including attorneys who may need to review or draft contracts, partners and owners looking to manage project costs effectively, and associates, paralegals, and legal assistants involved in contract administration and compliance.
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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.
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.
