Home Fee Cost Plus Contract With Gmp In Virginia
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Description
The Home Fee Cost Plus Contract with GMP in Virginia is a legally binding agreement between the Contractor and the Owner for the construction of a residential project. This form outlines the scope of work, work site details, permit requirements, and contractor responsibilities regarding soil conditions. A key feature is the 'Cost Plus' payment structure, which allows the Owner to pay for the actual costs incurred by the Contractor, alongside a predefined fee for services. This contract also stipulates the need for permits, insurance requirements, and provisions for changes to the scope of work via written 'Change Orders'. Important for legal professionals, the contract includes terms related to late payment and contractor warranties, ensuring that both parties understand their obligations. The document serves as an essential tool for attorneys, partners, owners, associates, paralegals, and legal assistants, facilitating clarity in construction agreements and aiding in compliance with Virginia state laws. By using this form, the target audience can ensure effective communication and understanding between parties involved in construction projects.
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Limit your down payment or deposit. A good rule of thumb is an initial deposit of no more than 10% down or $1,000, whichever is less. Unless the job requires custom-made items or special orders, in which case an initial down payment should be no more than 30% of the total value of the contract.
