Home Fee Cost Plus Contract With Gmp In Chicago

• Category: Construction - Contractors
• State: Multi-State
• City: Chicago
• Control #: US-00462
• Format: Word; Rich Text

Description

The Home Fee Cost Plus Contract with GMP in Chicago is a construction contract that establishes the terms and conditions between a contractor and an owner for building a residence. Key features of this form include a detailed scope of work outlining the responsibilities of the contractor, provisions for obtaining necessary permits, and a clear delineation of cost structures, such as cost-plus pricing, which combines material costs with an additional fee for services. The form requires the owner to provide essential documentation, like a boundary survey and title opinion, before construction begins. It also allows for changes in the scope of work, emphasizing the necessity of a written change order process. The contractor must maintain adequate insurance to protect against various risks, and the warranty is limited to defects in workmanship for one year. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who are involved in real estate development or construction projects. It provides a clear, legally binding framework that helps manage expectations and responsibilities, ensuring that all parties are protected throughout the construction process.