Cost Plus In Construction In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost Plus Construction Contract is a key legal document for construction projects in Chicago, detailing the financial agreement between contractors and owners. This form stipulates that the owner agrees to pay the actual costs incurred by the contractor for materials, plus an additional fee for services rendered. Key features include a clear scope of work, responsibility for permits and insurance, and provisions for changes in project scope through written change orders. Filling out the form involves specifying the total actual cost of materials, and any alterations must be documented in a change order. The contract is useful for various stakeholders, including attorneys who may provide legal counsel, partners and owners who manage project budgets, and associates, paralegals, and legal assistants who facilitate the preparation and amendment of such contracts. Each party is protected by terms concerning late payments, default, and warranty on workmanship, ensuring clarity and reducing potential disputes. Proper application of this form in construction can enhance accountability and transparency throughout the project lifecycle.
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FAQ
The foundation is one of the most expensive elements of new home construction. It requires extensive materials and labor to ensure the structure's stability. A strong foundation must: Support the weight of the building.
Generally, labor accounts for anywhere from 20-35% of total construction expenses, while materials account for 65-80%.
The primary categories of construction costs typically include direct costs (labour, materials, equipment), indirect costs (project management, permits, insurance), and overhead costs (general and administrative expenses).
