Contract Cost Plus Agreement For Construction In Illinois

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

Description

The Contract Cost Plus Agreement for Construction in Illinois establishes the terms between the Contractor and Owner for constructing a residential project. It details the scope of work, including labor and materials, and outlines the work site and required permits. The agreement clarifies that the Contractor is not responsible for soil conditions and stipulates that any additional site work due to unforeseen conditions is the Owner's expense. It includes provisions for insurance to protect against various risks and requires the Owner to provide necessary legal documents before construction begins. Changes to the project scope by the Owner are allowed but must be documented through Change Orders. The main fee structure can be a cost-plus arrangement, where the Owner pays the actual costs plus a fee, or a fixed fee for services. Late payment penalties and warranties for workmanship are also specified. This form is particularly useful for attorneys, partners, and associates in real estate development, as it provides a clear framework for managing construction projects and mitigates potential disputes. Legal assistants and paralegals can utilize this document for drafting and ensuring compliance with local laws, making it essential for the construction and legal industries.