Contract Cost Plus Form With Two Points In Illinois

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

Description

The Contract Cost Plus Form with Two Points in Illinois serves as a legal agreement between a contractor and an owner for construction projects, detailing the terms under which the contractor will be compensated based on actual costs plus a set fee. Key features of this form include a clearly defined scope of work, responsibilities regarding permits, insurance requirements, and processes for changes to the scope of work, ensuring that all parties understand their obligations. The form explicitly states that the owner agrees to cover the costs of materials and services rendered by the contractor. Filling out the form requires specifying payment terms, indicating the work site, and providing specifications regarding soil conditions, which are crucial for avoiding disputes. Key use cases for this form are particularly relevant to attorneys, who may need it for legal compliance, partners and owners looking to manage project costs efficiently, and associates, paralegals, and legal assistants who may assist in contract management and execution. This contract ensures clarity in financial obligations and helps protect both parties in the event of changes or issues during the construction process. Proper use of this form can help mitigate risks associated with project delays or unforeseen expenses.