Cost Plus Construction Contract With Gmp In Texas
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Description
The Cost Plus Construction Contract with GMP in Texas is a legal document that outlines an agreement between a contractor and an owner for residential construction projects. This contract stipulates that the contractor will be compensated for actual construction costs plus an agreed-upon fee, ensuring transparency in budgeting. Key features include a detailed scope of work, site specifications, insurance requirements, and provisions for changes in the project scope through written change orders. The contractor is responsible for obtaining necessary permits, while the owner provides essential land surveys and pays for additional site work due to poor soil conditions. Late payments incur a fee, and warranties are limited to workmanship defects for one year. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants, giving them a comprehensive structure to manage construction agreements effectively. The clear outline of responsibilities and cost adjustments aids in minimizing disputes and provides a straightforward framework for project management.
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