Construction Cost Plus With Cost-plus Pricing In Illinois
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Description
The Construction Contract form designed for use in Illinois outlines a cost-plus pricing structure that permits the Contractor to receive reimbursement for actual costs incurred plus an additional fee for their services. It establishes key elements such as the scope of work, work site specifics, and responsibilities for obtaining necessary permits. Additionally, the contract emphasizes the importance of defining soil conditions and delineates the Contractor's insurance liabilities. By including provisions for changes to the scope of work through written Change Orders, the form enables flexibility in project management. The late payment terms ensure timely compensation while the warranty clause limits the Contractor's responsibility to defects in workmanship for one year. This form is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, as it provides a clear framework for contractual agreements, risk management, and compliance with Illinois regulations. Legal professionals can effectively explain the intricacies of cost-plus pricing and facilitate smoother project negotiations.
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