Contract Cost Plus Form With 2 Points In Illinois
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Description
The Contract Cost Plus Form with 2 points in Illinois is designed for construction agreements outlining the responsibilities and compensation of both the contractor and the owner. This form encompasses crucial elements, such as the scope of work, work site details, and required permits. Key features include provisions for insurance, changes to the scope of work, and a clear explanation of contractors' fees based on actual material costs plus an additional fee. Filling instructions emphasize providing specific project details, including the owner's property and any necessary permits. Additionally, the form outlines the late payment policies and warranties for workmanship. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate and construction law, as it assists in ensuring compliance with local regulations and protecting both parties' interests throughout the project.
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Definition. A contract where the contractor recovers actual costs incurred for completed work.
