Salt Lake Utah Contract for Construction of Apartment Building with Financing by Contractor

• Category: Construction
• State: Multi-State
• County: Salt Lake
• Control #: US-13210BG
• Format: Word; Rich Text

Description

In this Agreement, the contractor for the construction of a building is also arranging the financing needed for the costs of building the building. Salt Lake Utah Contract for Construction of Apartment Building with Financing by Contractor A Salt Lake Utah Contract for Construction of an Apartment Building with Financing by Contractor is a legally binding agreement between a contractor and an investor or property owner for the construction of an apartment building in Salt Lake City, Utah. This contract outlines the terms and conditions under which the contractor will undertake the construction project, including the financing provided by the contractor. Keywords: Salt Lake Utah, Contract, Construction, Apartment Building, Financing, Contractor Types of Salt Lake Utah Contracts for Construction of Apartment Building with Financing by Contractor 1. Fixed Lump Sum Contract: In this type of contract, the contractor agrees to complete the construction of the apartment building for a fixed lump sum amount agreed upon by both parties. The contractor is responsible for managing costs within the agreed-upon budget. 2. Cost Plus Fixed Fee Contract: Under this contract, the contractor is reimbursed for the actual costs incurred during the construction process, including materials, labor, and subcontractors' fees. Additionally, a fixed fee, typically a percentage of the total project cost, is paid to the contractor as compensation. 3. Guaranteed Maximum Price (GMP) Contract: This contract sets a maximum price that the contractor will charge for the construction of the apartment building. If the actual costs exceed the agreed-upon maximum price, the contractor is responsible for covering the additional expenses. Conversely, any savings from the actual costs will be returned to the investor or property owner. 4. Unit Price Contract: In this contract, the contractor agrees to construct the apartment building based on a predetermined unit price per square foot or per apartment unit. The total project cost is determined by multiplying the unit price by the anticipated number of units or square footage. 5. Construction Management at Risk Contract (CM at Risk): This type of contract involves the contractor assuming a broader role in the construction process, serving as both a contractor and construction manager. The contractor is responsible for project planning, management, and overseeing subcontractors. The contract includes provisions for financing by the contractor, who also takes on the risk of any cost overruns. These various types of contracts provide flexibility in establishing the terms and conditions for the construction of an apartment building in Salt Lake City, Utah, with financing provided by the contractor.

Salt Lake Utah Contract for Construction of Apartment Building with Financing by Contractor A Salt Lake Utah Contract for Construction of an Apartment Building with Financing by Contractor is a legally binding agreement between a contractor and an investor or property owner for the construction of an apartment building in Salt Lake City, Utah. This contract outlines the terms and conditions under which the contractor will undertake the construction project, including the financing provided by the contractor. Keywords: Salt Lake Utah, Contract, Construction, Apartment Building, Financing, Contractor Types of Salt Lake Utah Contracts for Construction of Apartment Building with Financing by Contractor 1. Fixed Lump Sum Contract: In this type of contract, the contractor agrees to complete the construction of the apartment building for a fixed lump sum amount agreed upon by both parties. The contractor is responsible for managing costs within the agreed-upon budget. 2. Cost Plus Fixed Fee Contract: Under this contract, the contractor is reimbursed for the actual costs incurred during the construction process, including materials, labor, and subcontractors' fees. Additionally, a fixed fee, typically a percentage of the total project cost, is paid to the contractor as compensation. 3. Guaranteed Maximum Price (GMP) Contract: This contract sets a maximum price that the contractor will charge for the construction of the apartment building. If the actual costs exceed the agreed-upon maximum price, the contractor is responsible for covering the additional expenses. Conversely, any savings from the actual costs will be returned to the investor or property owner. 4. Unit Price Contract: In this contract, the contractor agrees to construct the apartment building based on a predetermined unit price per square foot or per apartment unit. The total project cost is determined by multiplying the unit price by the anticipated number of units or square footage. 5. Construction Management at Risk Contract (CM at Risk): This type of contract involves the contractor assuming a broader role in the construction process, serving as both a contractor and construction manager. The contractor is responsible for project planning, management, and overseeing subcontractors. The contract includes provisions for financing by the contractor, who also takes on the risk of any cost overruns. These various types of contracts provide flexibility in establishing the terms and conditions for the construction of an apartment building in Salt Lake City, Utah, with financing provided by the contractor.