Contract Cost Plus Agreement With Gmp In Utah
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The Contract Cost Plus Agreement with GMP in Utah is designed for use in construction projects where the Owner compensates the Contractor based on actual costs plus a predetermined fee. This contract outlines the scope of work, including labor and materials, and establishes the Work Site where construction will occur. Key features include provisions for permits, insurance requirements, and responsibilities regarding soil conditions. The Owner can request changes to the project scope through written Change Orders, which may incur additional costs. The Contractor's fee can be structured either as a cost-plus model or a fixed fee, with specified payment terms outlined. The agreement also addresses late payments and provides warranty terms on workmanship for one year from completion. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction law, as it outlines essential legal responsibilities and safeguards for both parties involved in the agreement.
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Series A O/C Agreements. B O/A Agreements. C Other Agreements. D Miscellaneous. E Exhibits. F Facility Management. G Forms.
Unlike stipulated sum contracts, which hold contractors responsible for completing projects at fixed prices regardless of actual costs incurred, GMP contracts transfer this risk to the contractor by setting a limit on how much the customer will be charged.
