Contract Cost Plus Agreement With Example In Illinois
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Description
The Contract Cost Plus Agreement with Example in Illinois is a legal document used in construction projects where the contractor is paid for the actual costs of materials plus an additional fee for their services. This type of agreement is beneficial for both contractors and owners as it provides flexibility in costs related to unforeseen expenses. The form highlights key features such as defining the scope of work, specifying the work site, and outlining the responsibilities for obtaining permits and handling soil conditions. In Illinois, this agreement includes provisions for changes in the scope of work and stipulates a late payment policy with associated charges. Filling out this form requires clarity in specifying the cost structure, which can either be cost-plus or fixed-fee. The form serves as an important tool for attorneys, partners, owners, associates, paralegals, and legal assistants in navigating construction contracts to ensure all parties have clear expectations and legal protections. Specific use cases include residential construction and renovation projects, making this agreement essential for managing project costs and legal responsibilities effectively.
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FAQ
As a general rule, if the owner hired whoever drafted the construction plans, or if whoever drafted the faulty plans is an employee or agent of the owner, it is the owner who will be liable for defective plans.
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).
