Cost Plus Construction Contract With Gmp In Illinois
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Description
The Cost Plus Construction Contract with GMP in Illinois is a legal instrument that outlines the agreement between a contractor and an owner for construction services, specifically allowing for flexibility in costs. Key features include a detailed scope of work defining project specifications, a work site description, and provisions for obtaining necessary permits, while specifying that the contractor is not liable for soil conditions. This form allows owners to request changes during construction through written change orders, with associated costs covered. The contractor's fee is based on actual costs plus a predetermined amount, ensuring transparency in pricing. Late payment penalties and warranty limitations for the contractor's work are also included. This contract is especially useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, enabling them to navigate contractual obligations effectively and minimize disputes. Users benefit from the structured format, which simplifies the editing and completion process, ensuring all legal requirements are met.
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FAQ
Disadvantages of GMP contracts Potential for disputes: While shared savings can be an advantage, it can also lead to disagreements over project management decisions, especially if there's a perception that savings are being prioritized over quality.
The GMP Budget is the amount the Trustees have budgeted for the construction Contract. The award of a construction contract is contingent upon receiving an actual GMP within the GMP Budget.
