Construction Contract Cost Plus With Guaranteed Maximum Price In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract Cost Plus with Guaranteed Maximum Price in Chicago is a legal document that outlines the relationship between a contractor and an owner for a construction project. This form allows owners to pay contractors for the actual costs of materials and labor, plus a specified fee, ensuring financial transparency while capping total costs at a maximum price. Key features include sections on the scope of work, work site specifications, permit requirements, soil condition liabilities, insurance obligations, and warranty limitations. Filling instructions require users to specify the project details, including locations and payment terms, while changes to the contract must be documented using written 'Change Orders.' This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear structure for establishing responsibilities and liabilities, ensuring compliance with local regulations, and protecting all parties during the construction process. Its straightforward language and organization facilitate understanding, enabling users with minimal legal experience to navigate the contractor-owner relationship effectively.
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FAQ
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.
Maximum Allowable Construction Area (MACA) “ the combined total of the Maximum Allowable PSO and the Maximum Allowable ISA. Maximum Allowable Unpaved Surface Area (USA) “ portion of the lot that shall remain unpaved and reserved for softscaping/planting.
Maximum Contract Value means the amount specified in the "Limitation of Expenditure" clause set out in the Contract; and “Minimum Contract Value “means 10% of the Maximum Contract Value.
