Cost Plus Construction Contract With Guaranteed Maximum Price In Utah
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The Cost plus construction contract with guaranteed maximum price in Utah is a legal document that outlines the agreement between a contractor and an owner for a construction project. This contract specifies that the owner will pay the contractor for actual costs incurred, along with a fixed fee, ensuring that the total does not exceed a guaranteed maximum price. Key features of the form include details on the scope of work, work site, permits, soil conditions, insurance, and changes to the scope of work through written change orders. At the completion of the project, the expected services for payment are included, along with penalties for late payments. This form is particularly useful for various legal and construction professionals, including attorneys, partners, owners, associates, paralegals, and legal assistants. They can use this contract to negotiate and structure the financial relationship between the contractor and owner effectively. By clarifying roles and responsibilities, as well as the cost implications of project changes, this document helps prevent disputes and ensures a smooth construction process.
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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.
