Description
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Downloadable WORD Document — DBIA Document No. 550 Standard Form of Agreement Between Design-Builder and General Contractor — Cost Plus Fee with an Option for a Guaranteed Maximum Price (2022 Edition), (“Agreement”) sets forth the terms and conditions under which the construction of the Project will be performed, and should be used when the parties intend that Design-Builder pay General Contractor the Cost of the Work plus a Fee, with or without a Guaranteed Maximum Price (GMP).
If there is uncertainty about Owner’s Project Criteria, or it remains to be developed by Owner and Design-Builder jointly, a cost-plus/GMP contracting approach is desirable. Although it is possible that this Agreement could be used when Owner and Design-Builder have entered into a lump sum agreement, DBIA views this as unlikely.
Therefore, this Agreement is designed to be used with DBIA Document No. 530 Standard Form of Agreement Between Owner and Design-Builder — Cost Plus Fee with an Option for a Guaranteed Maximum Price, and including DBIA Document No. 535 Standard Form of General Conditions of Contract Between Owner and Design-Builder.
It is also envisioned that Design-Builder and General Contractor will have worked together in the procurement of the prime contract. If the parties execute this Agreement after the Construction Documents are final, the Agreement should be modified accordingly.
