Construction Cost Contract Plus With Gmp In Suffolk
Category:
State:
Multi-State
County:
Suffolk
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Cost Contract Plus with GMP in Suffolk outlines the agreement between a contractor and owner for a construction project. Key features include the contractor's responsibility for providing labor and materials, obtaining necessary permits, and ensuring compliance with site conditions. Changes to the project scope can be made via written change orders, and the contract includes provisions for payment based on a cost-plus or fixed fee approach. It stipulates insurance requirements, indemnification clauses, and warranties on workmanship. This contract is useful for attorneys and legal professionals in drafting and reviewing agreements, ensuring compliance with local regulations, and protecting clients' interests. Additionally, it aids owners in understanding their obligations and rights while providing a clear structure for contractor compensation and project alterations.
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FAQ
Disadvantages of GMP contracts Potential for disputes: While shared savings can be an advantage, it can also lead to disagreements over project management decisions, especially if there's a perception that savings are being prioritized over quality.
