Cost Plus Construction Contract With Guaranteed Maximum Price In Cook
Category:
State:
Multi-State
County:
Cook
Control #:
US-00462
Format:
Word;
Rich Text
Instant download
Description
The Cost plus construction contract with guaranteed maximum price in Cook is designed to facilitate agreements between contractors and owners for construction projects. This document outlines the scope of work, the work site, and responsibilities regarding permits and insurance, ensuring both parties understand their obligations. Key features include a detailed section on changes to the scope of work, where owners can adjust plans with written change orders, possibly affecting costs. The contract clearly states how the contractor will be compensated, either through a cost-plus model or a fixed fee, while also addressing late payment penalties and warranty terms. It emphasizes that the contractor has no liability for soil conditions and that the owner must provide necessary surveys and legal opinions. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants, as it serves as a fundamental legal tool to outline construction agreements clearly and protect the interests of both parties involved in construction in Cook.
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FAQ
A Time & Materials project is billed based on the number of hours worked, at the hourly, daily, or monthly fixed billing rates assigned for that project. A Fixed Bid project is billed using a flat amount, regardless of the number of hours worked.
