Construction Contract Cost Plus With Guaranteed Maximum Price In Texas
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Description
The Construction Contract Cost Plus With Guaranteed Maximum Price in Texas is a formal agreement between a contractor and an owner for the construction of a residential project. This contract establishes a cost plus payment structure, where the owner agrees to pay the actual cost of materials plus a specific fee for the contractor's services. Key features include the scope of work, work site details, payment terms, and change order procedures. It ensures that all necessary permits are obtained and outlines responsibilities related to soil conditions and insurance coverage. Filing and editing instructions emphasize the importance of providing accurate project specifics and obtaining required permits before commencing work. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who are involved in construction projects. They can utilize this contract to clarify roles, manage project costs effectively, and maintain compliance with state regulations, thus minimizing potential disputes.
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FAQ
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.
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.
