Contract Cost Plus Agreement Format In Illinois
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Description
The Contract Cost Plus Agreement format in Illinois is designed for use in construction projects, allowing for the payment of actual costs incurred by the contractor, along with a predetermined fee. This format is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants as it outlines the scope of work, work site specifics, and conditions of payment. The agreement specifies the contractor's responsibilities regarding permits, soil conditions, and required insurance, ensuring clear communication between parties. It highlights the process for making changes to the scope of work through written change orders, protecting both the contractor and owner. The contractor's fee can be structured as cost plus or fixed fee, providing flexibility based on the project's needs. Additionally, provisions for late payment, warranty limitations, and insurance requirements govern the contractual relationship, enhancing legal compliance. Users should follow the instructions for filling out the form carefully, ensuring all pertinent details regarding costs and responsibilities are clearly stated. This format supports a transparent and organized approach to managing construction projects, making it an essential resource for professionals involved in such agreements.
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Ing to Boundy (2012), typically, a written contract will include: Date of agreement. Names of parties to the agreement. Preliminary clauses. Defined terms. Main contract clauses. Schedules/appendices and signature provisions (para. 5).
