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GENERAL TERMS & CONDITIONS FOR GUARANTEED MAXIMUM PRICE TYPE CONSTRUCTION CONTRACTS TABLE OF CONTENTS SECTION A DEFINITIONS .....................................................................................................................................

How to fill out guaranteed maximum price contract

How to fill out a guaranteed maximum price contract:

1. Review the contract: Carefully read through the entire contract to understand all the terms, conditions, and requirements. Make note of any specific instructions or guidelines provided.
2. Identify project details: Identify and document all relevant project details, such as the scope of work, project timeline, milestones, deliverables, and any other important specifications.
3. Determine pricing: Use the contract documents and any provided pricing schedule or proposal to determine the agreed-upon pricing for the project. This may involve calculating costs based on the scope of work, materials, labor, and any additional expenses.
4. Specify the maximum price: One of the key elements of a guaranteed maximum price contract is setting a maximum price limit for the project. Work together with the other party involved to agree on a maximum price that both parties find reasonable and fair.
5. Document any exceptions or exclusions: If there are any specific exceptions or exclusions to the guaranteed maximum price, make sure to clearly document them in the contract. This can help avoid any potential disputes or misunderstandings later on.
6. Include payment terms: Clearly define the payment terms, including the payment schedule, milestones, and any penalties or incentives based on performance or completion of certain tasks. Ensure that both parties are in agreement with the payment terms.
7. Include dispute resolution provisions: Consider adding provisions for dispute resolution in the contract, such as mediation or arbitration clauses, to address any potential conflicts that may arise during the project.
8. Seek legal advice: It is advisable to seek legal advice before finalizing and signing any contract, including a guaranteed maximum price contract. A legal professional can review the terms and ensure that all necessary clauses and protections are included.
9. Sign and execute the contract: Once all the necessary details have been discussed, agreed upon, and documented, both parties involved should sign and execute the contract. Keep a copy of the signed contract for future reference.

Who needs a guaranteed maximum price contract:

1. Construction projects: Guaranteed maximum price contracts are commonly used in construction projects, where they provide a cost control mechanism for the project owner while ensuring that the contractors are not faced with unforeseen expenses.
2. Renovation or remodeling projects: Homeowners or property owners who are undertaking a renovation or remodeling project may opt for a guaranteed maximum price contract to ensure that the costs do not exceed a certain limit.
3. Infrastructure projects: Government agencies or organizations involved in large-scale infrastructure projects often use guaranteed maximum price contracts to manage costs and budget effectively.
4. Commercial development projects: Companies or developers engaged in commercial development projects may utilize guaranteed maximum price contracts to have better control over project costs and minimize financial risks.
5. Public-private partnerships: In public-private partnerships, where the private sector collaborates with government entities on projects, guaranteed maximum price contracts can provide transparency and cost certainty for both parties.
6. Large-scale projects with complex scope: When undertaking projects with complex scope, having a guaranteed maximum price contract can provide assurance and clarity on the financial aspects of the project.

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What is guaranteed maximum price contract?

A guaranteed maximum price contract is a type of contract where the contractor agrees to complete a project for a price that will not exceed a specified maximum amount.

Who is required to file guaranteed maximum price contract?

The contractor or construction company entering into the contract is required to file the guaranteed maximum price contract.

How to fill out guaranteed maximum price contract?

To fill out a guaranteed maximum price contract, key project details, scope of work, payment terms, and the specified maximum price must be clearly defined.

What is the purpose of guaranteed maximum price contract?

The purpose of a guaranteed maximum price contract is to provide cost certainty for the client while still allowing the contractor to manage risks and potentially increase profits.

What information must be reported on guaranteed maximum price contract?

Key project details, scope of work, payment terms, project schedule, change order provisions, and any conditions under which the price may be adjusted must be reported on the guaranteed maximum price contract.