Cost Plus Construction Contract With Guaranteed Maximum Price In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Construction Contract with Guaranteed Maximum Price in Chicago is a legal document establishing a contractual relationship between a Contractor and an Owner for construction projects. This form details the scope of work, the work site, and the responsibilities regarding permits and soil conditions. Notably, it includes a cost structure where the Owner agrees to pay for the actual expenses incurred by the Contractor, plus a stipulated fee, ensuring that costs do not exceed a predetermined maximum. The contract allows for changes to the work scope via written change orders, which may affect total costs. Furthermore, it stipulates provisions for late payment penalties and warranties on workmanship. This form serves as a comprehensive guide for various professionals, including attorneys, partners, owners, associates, paralegals, and legal assistants, as it provides clarity on project expectations and financial liabilities. It is particularly useful for parties seeking a flexible construction agreement that allows for adjustments while simultaneously limiting financial risk through guaranteed pricing.
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FAQ
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.
