Construction Contract Cost Plus With Guaranteed Maximum Price In Sacramento
Category:
State:
Multi-State
County:
Sacramento
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract Cost Plus With Guaranteed Maximum Price in Sacramento is a formal agreement between a contractor and an owner outlining the construction of a project. Key features include a detailed scope of work, a designated work site, and explicit responsibilities for obtaining necessary permits. The contractor is responsible for maintaining insurance, while the owner must provide a boundary survey and title opinion before construction begins. The agreement allows for changes in the project scope via written change orders, with costs being the owner’s responsibility. The contractor's fee structure can be based on actual costs plus a fee or a fixed fee, with stipulations for late payments and warranties on workmanship. This form is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction law, as it offers a clear framework for managing contractual obligations and outlines critical protections for both parties.
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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 Contract Value means the amount specified in the "Limitation of Expenditure" clause set out in the Contract; and “Minimum Contract Value “means 10% of the Maximum Contract Value.
