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Construction Contract for Home - Fixed Fee or Cost Plus

Construction Contract Cost Plus With Gmp In Chicago

Category:

Construction - Contractors

State:

Multi-State

City:

Chicago

Control #:

US-00462

Format:

Instant download

Description

The Construction Contract Cost Plus with GMP in Chicago outlines the agreement between a Contractor and an Owner for the construction of a residential project. This contract specifies the scope of work, detailing the responsibilities of the Contractor, including obtaining necessary permits and managing any soil-related issues on the work site. A key feature is the cost-plus structure, where the Owner agrees to pay for the actual costs of materials plus a specified fee for the Contractor's services. This form includes provisions for changes to the scope of work through written change orders, late payment penalties, and warranties for workmanship defects. Attorneys, partners, and owners can utilize this form to ensure clarity in responsibilities and financial expectations, while associates, paralegals, and legal assistants can assist in its preparation and execution, facilitating compliance with local regulations and protecting both parties' interests.

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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.

Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.

Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.

If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.

We protect your documents and personal data by following strict security and privacy standards.

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FAQ

The major difference between lump sum and EPC is that, in EPC the contractor has the responsibility of design and construction. b. Where as in lump sum contract the design and drawings are prepared by the technical team of the owner.

The GMP Budget is the amount the Trustees have budgeted for the construction Contract. The award of a construction contract is contingent upon receiving an actual GMP within the GMP Budget.