Construction Cost Contract Plus With Guaranteed Maximum Price In Texas
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Description
The Construction Cost Contract Plus With Guaranteed Maximum Price in Texas is a legal document outlining the terms between a contractor and an owner for a construction project. This contract specifies the scope of work, work site details, and responsibilities regarding permits and soil conditions. Notably, the contract allows for modifications through written change orders and details the payment structure, which can be either cost plus or fixed fee. It includes provisions for late payments and warranties, emphasizing that the contractor's warranty covers only workmanship defects within one year. The form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction law or real estate transactions. It provides clear guidelines and ensures compliance with Texas regulations, making it easier for users to navigate construction agreements effectively.
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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.
