A contract entered into pursuant to NRS 338.1696 that is for a guaranteed maximum price may include a provision that authorizes the construction manager at risk to receive all or part of any difference between the guaranteed maximum price set forth in the contract and the actual price of construction of the public work, if the actual price is less than the guaranteed maximum price.

Terms Used In Nevada Revised Statutes 338.1697

  • Contract: means a written contract entered into between a contractor and a public body for the provision of labor, materials, equipment or supplies for a public work. See Nevada Revised Statutes 338.010
  • Contract: A legal written agreement that becomes binding when signed.
  • Public work: means any project for the new construction, repair or reconstruction of a project financed in whole or in part from public money for:

    (a) Public buildings;

    (b) Jails and prisons;

    (c) Public roads;

    (d) Public highways;

    (e) Public streets and alleys;

    (f) Public utilities;

    (g) Publicly owned water mains and sewers;

    (h) Public parks and playgrounds;

    (i) Public convention facilities which are financed at least in part with public money; and

    (j) All other publicly owned works and property. See Nevada Revised Statutes 338.010

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