500
(Updated 2017) Purchase Options

This standard construction contract between Owner of the construction project and the Construction Manager (aka CM/GC,CM/C, CM at risk, CM@R) conveniently integrates the general terms and conditions and the construction agreement terms into in one document. Appropriate where the Construction Manager is at risk and payment is cost of work plus fee with a guaranteed maximum price (GMP) to be determined. The general conditions include the responsibilities allocated to each party and address critical construction law contract issues. The contract issues include: the parties relationship and responsibilities to each other, definitions of key terms, scope of work and execution obligations, design delegation, worksite conditions, differing site conditions, contract price, contract documents, contracts review, submittals, subcontracts, permits and taxes, time, changes, schedule changes, payment, payment schedule, final completion and final payment, indemnification (defend and hold harmless against all losses), insurance and bond, termination for convenience, termination for cause, claims and notice, waiver of consequential damages, dispute resolution and mitigation, construction defects, choice of law, venue, and much more. The included construction law contract issues are fair for Owners or developers of the project as well as the Construction Manager. Parties can modify the terms of the agreement for their individual project needs and state law requirements. The parties set the GMP through an amendment using the ConsensusDocs 500.1 - Guaranteed Maximum Price (GMP) and Completion Dates document at a mutually agreed upon development in the project.

Purchase Options

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