Cost Plus Construction Contract With Gmp In Wake
Category:
State:
Multi-State
County:
Wake
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Construction Contract with GMP in Wake is a legal document designed to formalize agreements between a contractor and an owner regarding construction projects. This contract specifies the scope of work, work site, permits, insurance requirements, and provisions for handling unforeseen soil conditions. A key feature is the cost-plus payment structure, where the owner compensates the contractor for actual costs plus a predetermined fee, ensuring transparency in financial dealings. The contract also allows for modifications through written change orders, with the owner agreeing to cover any additional costs associated with these changes. Furthermore, it includes clauses addressing late payments, contractor warranties, and responsibilities regarding insurance and permits. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants engaged in construction law or real estate transactions, as it provides a clear framework for negotiating and managing construction agreements.
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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.
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.
