Construction Contract Cost Plus With Guaranteed Maximum Price In Illinois

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

Description

The Construction Contract Cost Plus with Guaranteed Maximum Price in Illinois is a formal agreement between a Contractor and an Owner detailing the terms and responsibilities for a construction project. This contract outlines the scope of work, including labor and materials, as well as the work site location. It stipulates that the Contractor must obtain necessary permits while clarifying that they are not liable for soil conditions at the site. The document includes provisions for insurance, survey, title, and procedures for changing the scope of work through written Change Orders. The contract specifies a cost plus payment structure where the Owner agrees to pay for actual costs plus a fixed fee, ensuring clear financial understanding. This form is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants who require clarity in construction agreements, as it defines obligations, protects owners against unforeseen expenses, and outlines liability issues. By using this contract, parties involved can mitigate risks and facilitate better communication throughout the project.