Construction Contract Cost Plus With Gmp In Wake
Category:
State:
Multi-State
County:
Wake
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract Cost Plus with GMP in Wake is a legal document facilitating an agreement between a contractor and an owner for residential construction. The contract delineates the scope of work, outlines site conditions, and stipulates the contractor's responsibility for obtaining necessary permits. Key features include provisions for change orders, detailing procedures for modifications to the project, and clarifying cost adjustments, ensuring transparency about payment structures that may follow either a cost-plus or fixed-fee model. The contract emphasizes the owner's responsibility concerning soil conditions and necessitates a boundary survey prior to construction. It features a warranty clause that limits liability for the contractor. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, offering structured guidelines to manage and protect their interests while maintaining compliance with local regulations. By utilizing this form, the target audience can ensure clarity in roles, responsibilities, and expectations, ultimately aiding in a smoother construction process.
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FAQ
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.
