Cost Plus Construction Contract With Guaranteed Maximum Price In Suffolk
Category:
State:
Multi-State
County:
Suffolk
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Construction Contract with Guaranteed Maximum Price in Suffolk is a legal agreement designed to outline the responsibilities and expectations between a contractor and an owner for a construction project. This contract emphasizes cost-plus pricing, where the owner agrees to pay the actual costs of materials and labor, alongside a fixed fee for the contractor's services. Key features include a detailed scope of work, specifications for the project site, and provisions for obtaining necessary permits. Additionally, the form includes a process for handling changes to the project scope through written change orders, ensuring clarity in potential cost adjustments. Users are instructed to provide specific financial details related to payments and the procedures for late payments. This contract is particularly useful for a range of legal professionals, including attorneys, partners, owners, associates, paralegals, and legal assistants, as it provides a clear framework for managing construction agreements while safeguarding the interests of both 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.
Definition. Limits of contracts refer to a number of exceptions in contract law to the rule that courts should fully enforce voluntary agreements between capable parties.
To calculate TCV, multiply the monthly recurring revenue (MRR) with the length of the contract terms, then add any other one-time fees included in the contract. Total Contract Value = Monthly Recurring Revenue (MRR) x Contract Term Length + Any One-time Fees.
