Construction Cost Contract Plus With Gmp In Utah
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Description
The Construction Cost Contract Plus with GMP in Utah is a detailed legal document designed for home construction projects. It outlines the agreement between the Contractor and the Owner, specifying the scope of work, site details, necessary permits, insurance requirements, and terms for any changes. The contract specifies that the Owner will compensate the Contractor based on actual incurred costs plus a predetermined fee, ensuring transparency in financial dealings. Key features include provisions for late payments, project warranty, and responsibilities regarding soil conditions at the work site. This form serves various legal professionals, such as attorneys and paralegals, by providing a structured format that fosters clear communication between parties. It assists Owners in understanding their obligations and risks while ensuring Contractors are protected against unforeseen circumstances. Legal assistants may also find this document beneficial for preparing construction-related negotiations and managing compliance with local regulations.
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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.
