Construction Cost Plus With Example In Cook

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

Description

The Construction Contract outlines the agreement between a Contractor and an Owner for a project, specifying the scope of work, site particulars, and payment arrangements. The document includes a section for 'Cost Plus,' indicating the Owner will compensate the Contractor for actual material costs, plus a specified fee. For example, in Cook County, if the actual costs are $50,000, and the fee is $10,000, the Owner pays a total of $60,000. Key features of the form include provisions for permits, insurance requirements, changes to the scope of work, and warranties. Filling out the form requires clear definitions of work, site details, and the two payment options: cost plus or fixed fee. Attorneys, partners, and owners can utilize this form to establish clear expectations and address concerns about costs and responsibilities in construction projects. Paralegals and legal assistants may assist in drafting or reviewing the contract to ensure compliance with local regulations and completeness.