Construction Cost Contract 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 Cost Contract Plus with Guaranteed Maximum Price in Salt Lake is a legal agreement between a contractor and an owner outlining the responsibilities for a construction project. This form stipulates the scope of work, payment terms, permits, insurance, and warranty provisions. Key features include a scope of work defined by the owner's specifications, a provision for changes via written change orders, and a late payment clause with penalties. The contractor's fee can be structured as cost-plus or fixed fee, clearly stating the payment schedule. This contract is crucial for establishing clear expectations and protecting both parties interests. It is particularly useful for attorneys, partners, and owners in managing construction projects, providing necessary legal protections and ensuring compliance with local regulations. Paralegals and legal assistants can utilize this form to facilitate the documentation process, helping to amend and oversee changes efficiently.
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FAQ
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.
