Contract Cost Plus Form With Gmp In Wake
Category:
State:
Multi-State
County:
Wake
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Contract Cost Plus Form with GMP in Wake is a comprehensive agreement between a Contractor and an Owner for the construction of a residential project. It outlines essential elements like the scope of work, site conditions, insurance requirements, and procedures for making changes during construction. This form allows for a cost-plus payment structure, where the Owner compensates the Contractor for actual expenses plus a predetermined fee. Attorneys, partners, owners, associates, paralegals, and legal assistants will find utility in this form as it lays the groundwork for clear contractual obligations and contingencies surrounding construction projects. Key filling instructions include specifying project details, budget estimates, and timelines in the designated sections. Additionally, the form includes provisions for change orders, late payment penalties, and warranties, providing a well-rounded framework for managing construction contracts effectively. It is particularly useful in situations where project costs may fluctuate, ensuring transparency and accountability between parties.
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FAQ
The major difference between lump sum and EPC is that, in EPC the contractor has the responsibility of design and construction. b. Where as in lump sum contract the design and drawings are prepared by the technical team of the owner.
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.
