Contract Cost Plus Agreement With Gmp In Wake

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

Description

The Contract Cost Plus Agreement with GMP in Wake is a structured legal document that outlines the responsibilities of the Contractor and Owner for a construction project. It begins with the scope of work, detailing the construction plans and specifications. The Work Site is specified, along with the requirement for necessary permits to be obtained by the Contractor. Importantly, soil condition responsibilities are clarified, limiting Contractor liability for unexpected conditions. The document includes provisions for insurance, requiring the Contractor to maintain general liability and workers compensation coverage. It allows for changes to the scope of work through written Change Orders, ensuring that any additional costs are agreed upon. The contract specifies a cost plus payment structure, where the Owner reimburses the Contractor for actual costs plus a fixed fee, while also detailing late payment penalties. Lastly, the warranty is limited to one year for workmanship defects, transferring material warranties from the Contractor to the Owner. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in managing construction projects, as it provides clarity on financial responsibilities and liability concerns.