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RESOLUTION 02032021 A RESOLUTION SETTING A GUARANTEED MAXIMUM PRICE FOR GENERAL MANAGER/GENERAL CONTRACTOR SERVICES FOR CITY HALL CONSTRUCTION BE IT HEREBY RESOLVED: SECTION 1: The attached document

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How to fill out guaranteed maximum price agreement

01

Review the terms and conditions of the guaranteed maximum price agreement.

02

Fill in the project details including scope, schedule, budget, and any other relevant information.

03

Clearly define the responsibilities of each party involved in the agreement.

04

Specify the method of payment and any terms related to changes in scope or budget.

05

Have both parties sign and date the agreement to make it legally binding.

Who needs guaranteed maximum price agreement?

01

Construction companies looking to establish a fixed cost for a project.

02

Property owners who want to ensure that costs do not exceed a predetermined maximum amount.

03

Project managers who need to accurately budget and allocate resources for a construction project.

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What is guaranteed maximum price agreement?

A guaranteed maximum price agreement is a contract between a client and a contractor where the contractor agrees to complete a project for a specified price, with any additional costs being absorbed by the contractor.

Who is required to file guaranteed maximum price agreement?

The client and the contractor are required to file the guaranteed maximum price agreement.

How to fill out guaranteed maximum price agreement?

The guaranteed maximum price agreement is typically filled out by both parties involved in the construction project, detailing the scope of work, project timeline, maximum price, and any conditions that may affect the final cost.

What is the purpose of guaranteed maximum price agreement?

The purpose of a guaranteed maximum price agreement is to provide cost certainty to the client and protect the contractor from unforeseen costs during the project.

What information must be reported on guaranteed maximum price agreement?

The guaranteed maximum price agreement must include details such as project scope, cost breakdown, payment schedule, change order procedures, and project timeline.

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