Cost Plus Construction Contract With Guaranteed Maximum Price In Wake
Category:
State:
Multi-State
County:
Wake
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Construction Contract with Guaranteed Maximum Price in Wake is a legal document outlining the terms under which a contractor agrees to perform construction services for an owner. This contract includes a detailed scope of work, specifying labor and materials needed for the project, as well as the work site details. Notably, it incorporates provisions for securing necessary permits and handling soil conditions at the site. The contractor's fee structure is based on a cost-plus model, ensuring that the owner pays actual costs incurred plus a predetermined sum. Changes to the scope of work can be made through written change orders, and it stipulates late payment penalties and warranty information. This contract is beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear framework for construction agreements while addressing common issues that may arise, such as changes in scope and site conditions. Additionally, the detailed provisions help in mitigating potential disputes and ensure compliance with local regulations.
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FAQ
One of the biggest benefits of the Construction Manager-at-Risk (CM-R) delivery method is the development of a working partnership between the Owner, design team, and contractor. Typically, with the CM-R process, the contractor will be hired during the design phase shortly after an architect has been selected.
They work closely with project managers, health and safety teams, human resources and legal teams. Risk managers create policies to protect assets and minimise accidents, mistakes, budget loss or public liability.
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.
