New Jersey Agreement between Owner and Construction Manager for Services in Overseeing a Construction Project

• Category: Construction - Contractors
• State: Multi-State
• Control #: US-0056BG
• Format: Word; Rich Text

Description

A Construction Management Agreement is a contract drafted and signed by a construction foreman and the property owner. It allows each to establish roles and responsibilities, deadlines, wages and the project specifics. In New Jersey, an Agreement between Owner and Construction Manager for Services in Overseeing a Construction Project is a legally binding contract that outlines the roles, responsibilities, and expectations between the owner of a construction project and the construction manager. This agreement aims to ensure a successful and smooth execution of the project by clearly defining the parties' obligations, timelines, and compensation terms. There are several types of New Jersey agreements between an owner and construction manager, each tailored to specific project requirements and circumstances. Some common types include: 1. Lump Sum Agreement: This agreement specifies a fixed price for the entire project, defining the scope of work, payment terms, and project deliverables. It offers stability to both parties, as the construction manager is responsible for completing the project within the agreed budget. 2. Cost Plus Fee Agreement: In this agreement, the owner agrees to reimburse the construction manager for the actual cost of labor, materials, and equipment used, in addition to an agreed-upon fee. This type of agreement is commonly used when project costs are difficult to estimate accurately. 3. Guaranteed Maximum Price (GMP) Agreement: A GMP agreement establishes a maximum price for the project, protecting the owner from unexpected cost overruns. Under this arrangement, any savings achieved by the construction manager through efficient management or lower-than-expected costs are shared with the owner. 4. Time and Materials Agreement: This agreement is based on the actual time spent by the construction manager and the materials used. It requires detailed records to support billing and is commonly used when the scope of work is uncertain or the project demands frequent changes. Regardless of the agreement type, some common keywords and phrases you may find within a New Jersey Agreement between Owner and Construction Manager for Services in Overseeing a Construction Project include: — Construction projecoverviewie— - Roles and responsibilities — Scope oforor— - Project schedule and milestones — Payment termunscheduledul— - Change order procedures — Insurance anindemnificationio— - Dispute resolution methods — Termination and suspension clause— - Compliance with laws and regulations — Quality control and safety measure— - Permits and approvals — Intellectual property right— - Confidentiality provisions It is crucial for both the owner and construction manager to thoroughly review and understand the terms of the agreement before proceeding with the project. Seeking legal advice is advisable to ensure compliance with local laws and regulations and to protect the interests of both parties involved.

In New Jersey, an Agreement between Owner and Construction Manager for Services in Overseeing a Construction Project is a legally binding contract that outlines the roles, responsibilities, and expectations between the owner of a construction project and the construction manager. This agreement aims to ensure a successful and smooth execution of the project by clearly defining the parties' obligations, timelines, and compensation terms. There are several types of New Jersey agreements between an owner and construction manager, each tailored to specific project requirements and circumstances. Some common types include: 1. Lump Sum Agreement: This agreement specifies a fixed price for the entire project, defining the scope of work, payment terms, and project deliverables. It offers stability to both parties, as the construction manager is responsible for completing the project within the agreed budget. 2. Cost Plus Fee Agreement: In this agreement, the owner agrees to reimburse the construction manager for the actual cost of labor, materials, and equipment used, in addition to an agreed-upon fee. This type of agreement is commonly used when project costs are difficult to estimate accurately. 3. Guaranteed Maximum Price (GMP) Agreement: A GMP agreement establishes a maximum price for the project, protecting the owner from unexpected cost overruns. Under this arrangement, any savings achieved by the construction manager through efficient management or lower-than-expected costs are shared with the owner. 4. Time and Materials Agreement: This agreement is based on the actual time spent by the construction manager and the materials used. It requires detailed records to support billing and is commonly used when the scope of work is uncertain or the project demands frequent changes. Regardless of the agreement type, some common keywords and phrases you may find within a New Jersey Agreement between Owner and Construction Manager for Services in Overseeing a Construction Project include: — Construction projecoverviewie— - Roles and responsibilities — Scope oforor— - Project schedule and milestones — Payment termunscheduledul— - Change order procedures — Insurance anindemnificationio— - Dispute resolution methods — Termination and suspension clause— - Compliance with laws and regulations — Quality control and safety measure— - Permits and approvals — Intellectual property right— - Confidentiality provisions It is crucial for both the owner and construction manager to thoroughly review and understand the terms of the agreement before proceeding with the project. Seeking legal advice is advisable to ensure compliance with local laws and regulations and to protect the interests of both parties involved.