Construction Contract Cost Plus With Gmp In Utah
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Description
The Construction Contract Cost Plus with GMP in Utah is a formal agreement between a contractor and an owner outlining the terms for executing a building project. The key features include a detailed scope of work, site specifications, responsibilities for permits, and insurance requirements. Notably, this form allows for a 'cost plus' payment structure where the owner pays the actual costs of materials plus a predetermined fee for the contractor's services. This contract also includes provisions for handling changes in scope through written change orders, late payment penalties, and warranty coverage for workmanship defects for one year. Ideal for attorneys, partners, owners, associates, paralegals, and legal assistants, this form provides essential legal guidelines for construction projects. Users can fill in specific project details and modify the contract according to their needs while ensuring compliance with local regulations. The clarity of this form aids individuals with varying legal expertise, ensuring they understand their obligations and rights before entering into a construction agreement.
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FAQ
Disadvantages of GMP contracts Potential for disputes: While shared savings can be an advantage, it can also lead to disagreements over project management decisions, especially if there's a perception that savings are being prioritized over quality.
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.
