Contract Cost Plus Agreement With Gmp In Virginia
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Description
The Contract Cost Plus Agreement with GMP in Virginia is a legal document outlining the terms between a Contractor and an Owner for a construction project. It specifies the scope of work, work site, and responsibilities regarding permits, soil conditions, insurance, surveys, and changes to the project scope. The contract allows for a cost-plus payment structure, where the Owner agrees to cover the actual costs of materials plus a specified fee for the Contractor's services. Key features include provisions for late payments, warranty limitations, and the requirement for written change orders to adjust project specifications. This document serves as an essential tool for ensuring clarity and protection for both parties in construction projects. Attorneys, partners, owners, associates, paralegals, and legal assistants will find this form crucial in drafting contracts that meet legal requirements while safeguarding their interests in construction agreements.
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Ing to Boundy (2012), typically, a written contract will include: Date of agreement. Names of parties to the agreement. Preliminary clauses. Defined terms. Main contract clauses. Schedules/appendices and signature provisions (para. 5).
Licensed contractors are required by law to provide a written contract for residential work, signed by both parties. Don't rely on verbal agreements. Get all guarantees, warranties, and promises in writing. Limit your down payment or deposit.
