Construction Cost Plus With Example In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Construction Contract establishes an agreement between a Contractor and an Owner for the construction of a residence as defined in the plans and specifications. This contract includes a Construction Cost Plus payment structure, where the Owner pays the Contractor for actual material costs plus an additional agreed sum. An example in Chicago might include the Contractor charging $100,000 for materials plus a fee of $20,000 for services, resulting in a total payment of $120,000. Key features include the scope of work, site conditions, responsibility for permits, insurance requirements, and provisions for project modifications via Change Orders. Filling out the form necessitates detailing the work site and specific fees, while editing allows for customization to suit project needs. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides a clear framework for managing construction projects and outlines responsibilities and liabilities for both parties involved.
Free preview
Form popularity
FAQ
Construction costs (sometimes called “hard costs”) are costs associated with the contractor and anything the contractor purchases. In other words, these are the costs of labor and materials.
Generally, labor accounts for anywhere from 20-35% of total construction expenses, while materials account for 65-80%.
