This past month, ConsensusDocs published two new agreements in an effort to keep subscribers ahead of the curve.
With the release of ConsensusDocs 230, we now offer a standard prime agreement for construction owners and constructors that provides 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 ConsensusDocs 910 Standard Operations and Maintenance (O&M) Agreement is the first agreement that ConsensusDocs has published that focuses on construction work services that take place after final completion. The agreement provides an off-the-shelf contractual solution for an Owner seeking to procure standalone O&M services. A unique feature of this agreement is that it allows for a flexible one-to-five-year agreement period for which bonds may be provided to meet the challenges of a project with an extended period of performance.
Learn more here.