Construction Contract Cost Plus With Guaranteed Maximum Price In Suffolk
Category:
State:
Multi-State
County:
Suffolk
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract Cost Plus with Guaranteed Maximum Price in Suffolk is a legally binding document between a Contractor and an Owner for the construction of a residential project. This form outlines key elements such as the scope of work, work site location, permits, soil conditions, insurance requirements, and payment terms. One notable feature is the flexible payment structure, allowing for a cost-plus arrangement along with a guaranteed maximum price, ensuring the Owner is not liable for costs exceeding the agreed maximum. This document mandates that all changes to the project scope be documented through written change orders, with cost adjustments communicated beforehand. Additionally, the form provides clauses on late payments and warranty provisions, which limit liability for defects discovered after one year. It is essential for Contractors to secure necessary permits and provide adequate insurance coverage. Attorneys, partners, owners, associates, paralegals, and legal assistants can utilize this contract to navigate construction agreements effectively, ensuring clarity and security for all parties involved.
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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.
