Contract Cost Plus Form With Gmp In Illinois
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Description
The Contract Cost Plus Form with GMP in Illinois is a legal document designed for construction projects where the payment structure is based on the actual costs incurred by the contractor, plus a predetermined fee. This form outlines key components such as the scope of work, work site details, necessary permits, and responsibilities regarding soil conditions and insurance. It specifies that any modifications to the work must be documented through written Change Orders, and it provides clear instructions on how the contractor will be compensated—either through a cost-plus model or a fixed fee. Additionally, the form addresses late payment penalties and outlines warranty provisions for workmanship, ensuring clarity on the contractor's obligations. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants engaged in construction law, as it provides a framework for managing contractual relationships, mitigating risks, and ensuring compliance with local regulations. Users are guided on how to fill out the form, ensuring accuracy in the transaction process while protecting both parties' interests.
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FAQ
The major difference between lump sum and EPC is that, in EPC the contractor has the responsibility of design and construction. b. Where as in lump sum contract the design and drawings are prepared by the technical team of the owner.
