Music welcome to learn about law. My name is Kevin O'Flaherty from O'Flaherty Law, and today we're gonna talk about guaranteed maximum price construction contracts. Now, this is relevant to you if you're either the owner of a home or commercial building that's hiring a contractor or if you're a contractor that does this sort of work. We're gonna explain how guaranteed maximum price construction contracts work, what contingencies are there as part of those contracts, and what allowances are. So first, let's talk about the different ways that a contractor can be paid. We have an article at learn-about-law.com that kind of gives the basics of general contractor agreements, so you may want to check that out. But there are a couple different ways that contractors can be paid. One is a flat fee for the entire project. Another is the cost of the actual materials and labor plus a flat fee for each element of the work or the contractor's fee. So it's kind of a cost-plus-flat fee. The third, and the thing we're going to talk about the most today, is the actual cost of the contractor plus a percentage markup for profit. So if the costs are $100 and the contractor is going to be paid 10 percent of the cost as the fee, the contractor's fee would be $10, and the total contract price would be $110. So that's called cost-plus fee, and cost-plus fee can either be a percentage or a flat fee. However, guaranteed maximum price usually comes into play in a cost-plus fee contract when we're talking about a percentage markup. The way this works is that the contractor will bill the owner for all of the costs and invoice them as the project goes on for the cost plus their markup...
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