Construction Contract Cost Plus With Guaranteed Maximum Price In Wayne
Category:
State:
Multi-State
County:
Wayne
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract Cost Plus with Guaranteed Maximum Price in Wayne outlines the agreement between a contractor and an owner for residential construction. Key features include a clearly defined scope of work, work site designation, and responsibility for obtaining necessary permits. Importantly, this contract utilizes a cost-plus model, where the owner pays for actual costs incurred by the contractor, plus an additional fee, while ensuring a guaranteed maximum price to protect the owner's budget. The contract emphasizes that any changes to the scope of work must be documented through a written Change Order, with the owner responsible for any additional costs. Filling instructions require precise completion of contractor and owner details, project specifications, and payment terms. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, providing them with a structured agreement that balances the interests of both parties. By clearly delineating responsibilities and costs, the form helps avoid disputes and ensures compliance with local regulations.
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FAQ
Maximum Contract Value means the amount specified in the "Limitation of Expenditure" clause set out in the Contract; and “Minimum Contract Value “means 10% of the Maximum Contract Value.
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.
