Construction Contract Cost Plus With Guaranteed Maximum Price In Salt Lake
Category:
State:
Multi-State
County:
Salt Lake
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract Cost Plus with Guaranteed Maximum Price in Salt Lake is designed for contractors and owners to formalize a construction project under a cost-plus agreement with a set limit on the expenditure. This form provides a clear delineation of the scope of work, specifying the responsibilities of both the contractor and the owner. Key features include an explicit outline of the work site, insurance requirements, and procedures for obtaining necessary permits. Users can adjust the contract to reflect changes in the scope of work through written change orders, which can lead to shifts in budgeting. The contractor's fee can be structured as a cost-plus agreement or a fixed fee, providing flexibility in financing the project. The form also stipulates terms concerning late payments and warranties on workmanship. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it ensures legal adherence to project specifications and cost control while providing a framework for managing project alterations and responsibilities. By utilizing this form, users can effectively safeguard their interests and streamline communication between parties involved.
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FAQ
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.
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.
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.
