Maryland Terms and Conditions of General Construction Contract are a set of legally binding agreements and stipulations that govern the rights, responsibilities, and obligations of parties involved in a construction project within the state of Maryland. The main objective of these terms and conditions is to ensure that all parties understand and adhere to the proper procedures, requirements, and expectations throughout the construction process. Some key elements typically covered in Maryland Terms and Conditions of General Construction Contract include project scope, specifications, timelines, payment terms, dispute resolution mechanisms, insurance requirements, and warranties. These provisions can vary depending on the nature and complexity of the construction project, which leads to the existence of different types of Maryland Terms and Conditions of General Construction Contracts. 1. Lump Sum Contract: This type of contract involves a fixed price for the entire construction project. The contractor is responsible for completing the project within the agreed-upon scope, timeframe, and budget. 2. Cost Plus Contract: In this type of contract, the owner agrees to reimburse the contractor for the actual costs incurred during the construction process, including labor, materials, and overhead expenses. A pre-determined fee or percentage may also be added to cover the contractor's profit margin. 3. Unit Price Contract: A unit price contract involves pricing the construction project based on specific units of work such as square footage, cubic yard, or per item. The total cost is then calculated by multiplying the unit price by the quantity of work done. 4. Design-Build Contract: This type of contract combines the design and construction phases into one, where a single entity is responsible for both aspects. The contractor takes charge of the construction project from conceptualization to completion and assumes liability for both design and construction. Regardless of the type of contract used, Maryland Terms and Conditions of General Construction Contract outline the legal framework that governs the relationship between the owner, contractor, subcontractors, and any other parties involved. It is essential for all parties to carefully review and comprehend these terms and conditions to minimize misunderstandings, conflicts, and establish a smooth construction process.
Maryland Terms and Conditions of General Construction Contract
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Traditional contract On a traditionally-procured, fully-designed construction project, the contract documents for suppliers such as the main contractor are likely to include: Article of agreement and conditions of contract, for completing as a simple contract (or as a deed). Working drawings. Bills of quantities.
Contract conditions set out the principal legal relationship between the parties to a construction project, determining the allocation of risk and consequently, price.
The work to be carried out under the contract shall, except as otherwise provided in these conditions, include all labour, materials, tools, plants, equipment and transport which may be required in preparation of and for and in the full and entire execution and completion of the works.
General Conditions are commonly known as: The cost to manage the project. General Requirements are commonly known as: The non-management indirect cost of executing the project.
What Is a Condition in a Contract? A condition in a contract is an event or act that obligates a party to perform an action or render a performance as specified in the contract. Basically, it's a certain qualification that's placed on a promise.
The 4 Different Types of Construction ContractsLump Sum Contract. A lump sum contract sets one determined price for all work done for the project.Unit Price Contract.Cost Plus Contract.Time and Materials Contract.
General conditions costs typically include:jobsite trailer;jobsite utilities;small tool charges;superintendent salaries/costs;safety costs;site administrative costs;project accounting;field computer and BIM services;More items...?
The General Conditions must include: - A definition of the contract documents which lists and gives a brief description of the documents that form the contract. -Document precedence, which clearly states which document will have precedence over the other in case of discrepancy, Figure 8.2.
5 Key Elements Every Construction Contract Should Contain1) The project's scope.2) The cost and payment terms.3) The project's time frame.4) Protection against lien law.5) Dispute resolution clauses.
Types of Conditions Conditions precedent, conditions concurrent, and conditions subsequent are types of conditions that are commonly found in contracts. A condition precedent is an event that must exist as a fact before the promisor incurs any liability pursuant to it.