Cost Plus Construction Contract With Guaranteed Maximum Price In Virginia

• Category: Construction - Contractors
• State: Multi-State
• Control #: US-00462
• Format: Word; Rich Text

Description

The Cost Plus Construction Contract with Guaranteed Maximum Price in Virginia is structured to establish a clear agreement between the Contractor and the Owner for construction projects. This contract outlines the scope of work, including the labor and materials required to complete the project, and specifies the work site where the construction will occur. Notably, it allows for flexibility through change orders, enabling the Owner to modify project specifications as needed, with costs adjusted accordingly. The contract also addresses important elements such as permits, soil conditions, insurance requirements, and responsibilities for both parties. The Contractor is compensated based on actual costs plus a pre-determined fee, ensuring transparency in expenditures. It includes provisions for late payments and warranties on workmanship, providing legal protection for both parties. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants by providing a clear framework for managing construction agreements, thereby minimizing disputes and ensuring compliance with Virginia's legal requirements.