Construction Cost Contract Plus With Gmp In Illinois
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Description
The Construction Cost Contract Plus With GMP in Illinois is a detailed agreement between a contractor and an owner for constructing a specified project. Key features include the contractor's responsibility for all labor and materials, the necessity for permits, and potential additional costs due to soil conditions. The contract outlines payment arrangements, with options for a cost-plus or fixed fee structure, and stipulates that changes to the scope of work must be documented through written change orders. It also includes provisions for late payments, default penalties, and limited warranties for workmanship. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, as it provides a clear framework for managing roles and responsibilities in construction agreements. By following the provided filling and editing instructions, users can adapt the contract to suit specific project needs and ensure compliance with Illinois regulations.
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FAQ
Disadvantages of GMP contracts Potential for disputes: While shared savings can be an advantage, it can also lead to disagreements over project management decisions, especially if there's a perception that savings are being prioritized over quality.
