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Home Improvement or Remodeling Construction Contract - Cost Plus...

Aia Cost Plus Contract With Gmp

Category:

Construction - Contractors

State:

Multi-State

Control #:

US-02023BG

Format:

Instant download

Description

A cost-plus contract is one in which the purchaser agrees to pay the cost of all labor and materials plus an amount for contractor overhead and profit (usually as a percentage of the labor and material cost). This type of contract is often used when the scope of the work is undermined or highly uncertain and the kinds of labor, material and equipment needed are also uncertain. It is important that the contractor maintain complete records of all time and materials spent by the contractor on the work.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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How to fill out Home Improvement Or Remodeling Construction Contract - Cost Plus Basis Of Payment?

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FAQ

The contract sum is the amount that the owner will pay to the contractor. The contract sum includes all items and services necessary for the proper execution and completion of the contractor's work, and it is subject to additions and deductions as provided in the contract documents.

Cost-Plus GMP Contract Agreements are ?cost reimbursement? contracts. In a Cost-Plus price arrangement, there is no set or Fixed Fee. In other words, the contractor is paid for the Cost of the Work it incurs to complete the project, plus a Fee, not-to-exceed the GMP (absent scope changes or extenuating circumstances).

By Lynn Pearcey, MBA, Copywriter, Contract Documents. January 13, 2023. A Guaranteed Maximum Price Contract (GMP) limits the amount an owner must pay a contractor. No matter the actual cost the contractor incurs, under a GMP the owner only pays the agreed-upon amount.

A: As an example, a cost-plus contract may establish that the total estimated cost of a building project is $10 million plus a fixed fee of $1.5 million, roughly 15% of the total cost, as the contractor's profit. So the total expense to the buyer would be approximately $11.5 million ?the cost plus the fee.

Unlike a lump sum contract wherein a contractor is paid a flat fee for the work, the guaranteed maximum price contract allows the owner to potentially save money if the project ends up costing less than estimated.

Aia Cost Plus Contract With Gmp

Description

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How to fill out Home Improvement Or Remodeling Construction Contract - Cost Plus Basis Of Payment?

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Aia Cost Plus Contract With Gmp

Description

Related forms

Viewed forms

How to fill out Home Improvement Or Remodeling Construction Contract - Cost Plus Basis Of Payment?

Form popularity

FAQ

What is contract sum?

What is a cost plus with GMP contract?

What is a GMP contract?

What is an example of a cost-plus contract?

What is the difference between GMP and contract sum?

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