Cost Plus Construction Contract With Guaranteed Maximum Price In Illinois
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Description
The Cost Plus Construction Contract with Guaranteed Maximum Price in Illinois outlines the agreement between a contractor and an owner for a construction project, specifying the contractor's responsibilities for labor, materials, and project scope. Key features include a detailed description of the work site, requirements for permits, and a clear delineation of insurance responsibilities. Notable provisions include changes to the scope of work via written change orders and a method for determining the contractor's fee based on actual costs plus a specified amount. This form serves the target audience—attorneys, partners, owners, associates, paralegals, and legal assistants—by providing a structured approach to facilitate contract negotiations and ensuring clarity on each party's obligations. It is particularly useful for managing costs and minimizing disputes related to unforeseen expenses. The form includes instructions for filling out specific sections, such as scope of work and payment terms, making it accessible for users with varied legal backgrounds.
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FAQ
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.
