№ files_lp_4_process_2_67071
Standard construction contract text defining a cost-plus project delivery arrangement with a guaranteed maximum price, payment procedures, contingency rules, risk allocation, dispute resolution process, and supporting schedules governing the relationship between an owner and a contractor.
Document type: Construction contract agreement
Contract model: Cost-plus contract with Guaranteed Maximum Price (GMP) ceiling
Parties: Owner / Developer and General Contractor / Construction Manager
Project reference: Construction of “[Project]” at [Site]
Currency: Indian Rupees (INR)
Legal framework reference: Indian Contract Act, 1872
Key financial structure: Cost of the Work plus Contractor’s Fee subject to GMP limit
Payment mechanism: Monthly payment applications with retention
Retention rate: 5 % of each payment until Substantial Completion
Contingency provision: Contractor-controlled contingency included within GMP
Savings distribution: Owner 70 % / Contractor 30 % of unused contingency at Final Completion
Bond requirements: Performance Bond and Labour & Material Payment Bond at 100 % of GMP
Insurance requirements: CAR, CGL, and Professional Liability insurance
Completion milestone: Substantial Completion by specified date with liquidated damages for delay
Change management: Change Orders adjusting scope, schedule, or statutory requirements
Force majeure clause: Schedule relief and limited cost adjustment for uncontrollable events
Audit rights: Owner audit of cost records up to 3 years after Final Payment
Dispute resolution: Negotiation, mediation, then arbitration under SIAC Rules
Termination clause: Owner termination for convenience with compensation formula
Schedules included: Scope of Work, Exclusions, Rate Sheet, GMP Breakdown, Schedule of Values, Change Order Form, General Conditions
Price: 8 / 10 USD
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