The total cost of the building = Rs. 70,67,000 (Rupees seventy lakhs only sixty thousand) (Fill in the total cost of the building) to carry out the work relating to the entire construction of the building in question, in accordance with the architectural and structural drawings and according to the points indicated and signed in the calendar _______ (Fill in the date of signature). (Any additional work is paid at the prices quoted). Duke and Carmen said: „The cost-plus with GMP offers a cap for all construction costs and royalties for which an owner is responsible. If the party providing the work under this pricing method goes through GMP, it is responsible for these overruns. An increase in costs with GMP and a cost-sharing agreement can provide an incentive for both parties to a construction contract to cooperate in the most efficient way possible. [14] A subcontract is a contract entered into primarily between a contractor or prime contractor and a subcontractor. It describes the limits of the technical work to be carried out for the construction project. [6] This type of construction contract is an alternative to fixed-price contracts. It allows flexibility and transparency for the owner and reduces the risk for a contractor, because a Cost Plus construction contract guarantees them a profit. This type of agreement defines very well the purpose and scope of the agreement. In this alternative, the provisions and conditions of the treaty are clearly understood by each party. The types of construction contracts are usually defined by the method, payment is made and other specific terms such as duration, quality, specifications and some other elements are defined. These types of main orders can have many variations and be adapted to the specific requirements of the product or project.
6. The Contractor undertakes to complete the work in all respects in order to make the house fully habitable on or before ___ ______ (indication of the date of the project). It is an explicit provision that time is the nature of the treaty. The contractor must submit the work plan within ten days of that date and weekly site meetings are held to monitor progress. The completion of the section relates to a provision within a construction contract that allows for different completion dates for different phases of the work.