Construction Cost Contract Plus With Guaranteed Maximum Price In Wake
Category:
State:
Multi-State
County:
Wake
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Cost Contract Plus with Guaranteed Maximum Price in Wake outlines the agreement between a Contractor and Owner for residential construction. The contract details the project scope, work site, necessary permits, soil conditions, insurance requirements, survey and title obligations, and change order procedures. Key features include a provision for the Contractor's fee, which can be based on either a cost-plus or fixed-fee structure, and stipulations for late payments and defaults. The Contractor's warranty is limited to defects in workmanship within one year, ensuring protection for both parties. This form is particularly valuable for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides clarity on contractual obligations and risks, facilitating effective project management and legal compliance. Users can edit the contract to align with specific project requirements, ensuring flexibility while maintaining legal standards.
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FAQ
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.
Maximum Contract Value means the amount specified in the "Limitation of Expenditure" clause set out in the Contract; and “Minimum Contract Value “means 10% of the Maximum Contract Value.
