Construction Cost Contract Plus With Guaranteed Maximum Price In Illinois

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

Description

The Construction Cost Contract Plus with Guaranteed Maximum Price in Illinois is a legally binding agreement between a contractor and an owner for the construction of a project. This form outlines the scope of work to be completed, specifying the materials and labor required for the project. Key features include the assignment of responsibilities for obtaining necessary permits, managing soil conditions, and the contractor's obligation to maintain insurance coverage. The form also provides options for payment based on cost-plus or fixed-fee structures, ensuring clarity on financial responsibilities. Change orders must be documented in writing, allowing for flexibility in project specifications while managing cost implications. This construction contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants engaged in real estate and construction law, as it provides a structured framework to mitigate disputes and ensure compliance with local regulations. Users should fill in specific details for the project scope and site, and edit clauses according to their unique needs, ensuring all parties understand their rights and responsibilities under the agreement.