Construction Cost Contract 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 Cost Contract Plus With Guaranteed Maximum Price in Chicago is a detailed agreement between a contractor and an owner, outlining the scope of work, project site, permits, and insurance obligations. The contract emphasizes a guaranteed maximum price structure, providing clarity on costs while allowing for flexible adjustments through change orders if project specifications change. Key features include the contractor’s responsibility to obtain necessary permits, a provision for dealing with unforeseen soil conditions, and the stipulation that the owner will bear additional costs related to site work. It addresses late payment penalties and warranties related to workmanship. For attorneys, partners, and associates, this form serves as a foundational legal tool in constructing binding agreements, ensuring all parties are clear on their responsibilities and rights. Paralegals and legal assistants will find it useful for drafting, filling, and reviewing contract details, ensuring compliance with local regulations. Overall, this form is essential for all stakeholders involved in construction projects, offering a clear framework to mitigate disputes and manage costs effectively.
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