The ConsensusDocs 230 includes general conditions where payment is based upon the cost of work with GMP
Washington, D.C. – (RealEstateRama) — Today, ConsensusDocs is publishing a new standard prime agreement for construction owners and constructors providing a best practice industry standard contract with integrated general conditions where the payment is based upon the cost of the work and includes a guaranteed maximum price (GMP). Unlike the ConsensusDocs 500 CM At-Risk agreement that contemplates preconstruction services and a GMP amendment once the design is sufficiently complete, this agreement, ConsensusDocs 230, contemplates a GMP upon contract signing.
“The general terms and conditions integrated into this agreement are based upon the fair and best practice contractual terms that we recently updated in our most used contracts for design-bid-build in December of 2016. As ConsensusDocs has just reached its 10-year milestone with a track record of success, release of the 230 is just another example of how those in the industry using ConsensusDocs are better positioned to be ahead of the curve,” states Brian Perlberg, ConsensusDocs Executive Director.
The ConsensusDocs 230 joins the over 100 standard contract documents already offered and will be included in the owner’s and unlimited subscription packages delivered by the ConsensusDocs technology platform that is Microsoft Word®-compatible. For the last ten years, ConsensusDocs has been the only standard contracts written by a 40 + coalition of leading design and construction associations representing owners, contractors, subcontractors, sureties, and design professionals.
Contact: Amy Hager