Construction Cost Contract Plus With Guaranteed Maximum Price In San Jose
Category:
State:
Multi-State
City:
San Jose
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Cost Contract Plus with Guaranteed Maximum Price in San Jose is designed for use in residential construction projects. This document outlines the agreement between the Contractor and the Owner, specifying the scope of work, location, required permits, and insurance obligations. A key feature is the flexible payment structure, allowing for either a cost-plus or a fixed-fee arrangement, while ensuring a maximum price cap to protect the Owner's financial interests. The form also addresses changes to the scope of work via written Change Orders, providing clarity on how additional costs will be handled. It includes sections on soil conditions and a Contractor’s warranty, emphasizing shared responsibilities. This contract is especially useful for attorneys, partners, and associates involved in real estate transactions, as well as owners looking to manage construction costs effectively. Paralegals and legal assistants can utilize this form to ensure compliance with local regulations and facilitate smooth project execution.
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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.
