Home Fee Cost Plus Contract With Guaranteed Maximum In Chicago
Category:
State:
Multi-State
City:
Chicago
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Home fee cost plus contract with guaranteed maximum in Chicago is a construction agreement designed to formalize the relationship between a Contractor and an Owner. This contract delineates responsibilities, including the scope of work, the work site, and any required permits. It establishes that the Contractor is not liable for soil conditions and outlines insurance requirements to safeguard against potential risks. A key feature is the flexibility of payment options, allowing Owners to choose between cost plus or fixed fee arrangements. The contract permits changes to the project’s scope through written 'Change Orders' and specifies late payment penalties to encourage timely compensation. It also limits the Contractor's warranty to one year for workmanship defects, thus protecting both parties. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in residential construction projects, ensuring all legal and financial aspects are clearly documented and understood.
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FAQ
The GMP Budget is the amount the Trustees have budgeted for the construction Contract. The award of a construction contract is contingent upon receiving an actual GMP within the GMP Budget.
