Cost Plus Construction Contract With Gmp In Utah
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Description
The Cost Plus Construction Contract with GMP in Utah is a legal document that outlines the agreement between a contractor and an owner for residential construction projects. This contract details the scope of work, including the plans and specifications provided by the owner, while specifying that the contractor is responsible for obtaining necessary permits and handling soil conditions. Key features include the ability for owners to make changes to the scope of work through written 'Change Orders,' and outlines the payment structure where the owner pays for actual construction costs plus a predetermined fee. It also addresses matters related to insurance, late payments, and warranty liabilities, enhancing the contractor's obligation to the owner. The contract is particularly useful for attorneys, partners, and owners navigating construction agreements, ensuring clarity on responsibilities, financial obligations, and legal protections. Legal assistants and paralegals can utilize this form to assist clients in drafting accurate agreements and understanding the implications of contract terms.
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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.
Series A O/C Agreements. B O/A Agreements. C Other Agreements. D Miscellaneous. E Exhibits. F Facility Management. G Forms.
