Construction Contract Cost Plus With Guaranteed Maximum Price In Travis
Category:
State:
Multi-State
County:
Travis
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract Cost Plus with Guaranteed Maximum Price in Travis is designed to establish an agreement between a contractor and an owner for construction services under a cost-plus pricing model. This contract allows the owner to pay the actual costs incurred by the contractor for materials and labor while ensuring that the total cost does not exceed a predetermined maximum price. Key features of the form include provisions for the scope of work, work site specifications, responsibility for permits, and conditions regarding soil conditions at the site. Additional sections cover insurance responsibilities, boundary survey requirements, change order protocols, and late payment terms. For attorneys, partners, owners, associates, paralegals, and legal assistants, this document provides a clear structure for managing construction projects and mitigating risks. It outlines both parties' rights and responsibilities, making it essential for legal professionals involved in real estate, construction law, or contract management. Thorough understanding and careful completion of this contract are vital to ensuring compliance and protecting the interests of all 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.
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.
