Construction Cost Contract Plus With Guaranteed Maximum Price In Washington
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The Construction Cost Contract Plus with Guaranteed Maximum Price in Washington outlines the terms for a project between a contractor and an owner. This contract specifies the scope of work, including plans and specifications, along with the location of the work site. The contractor is responsible for obtaining necessary permits and the contract includes provisions regarding soil conditions and insurance coverage. The contract allows for changes to the scope of work through written change orders, with cost adjustments as needed. Payment terms are flexible, offering both cost-plus and fixed fee options based on the project's needs. It also stipulates a late payment charge for overdue payments and limits the contractor's warranty to one year for workmanship defects. This form is especially useful for attorneys, partners, owners, associates, paralegals, and legal assistants who require a clear structure for construction agreements while ensuring compliance with Washington state regulations.
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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.
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.
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.
