Cost Plus Contract In Construction In Illinois
Instant download
Description
The Cost Plus Contract in construction in Illinois is designed to outline the financial agreement between the Contractor and the Owner for a construction project. This form allows the Owner to pay the actual cost of materials plus an agreed-upon fee for the Contractor's services. Key features include a detailed scope of work, identification of the work site, and provisions for obtaining necessary permits. The contract stipulates that the Contractor is not responsible for soil conditions at the work site, which is particularly important for risk management. It also details the process for making changes to the scope of work via written Change Orders, ensuring clarity on costs associated with modifications. The form includes provisions for late payments, warranties on workmanship, and outlines necessary insurance coverage for the Contractor. This form is especially useful for Attorneys, Partners, Owners, Associates, Paralegals, and Legal Assistants as it helps them navigate contractual agreements in construction projects, ensuring that all parties understand their rights and obligations under the law. Its straightforward language and structured layout facilitate comprehension for users with varying levels of legal experience.
Free preview
Form popularity
FAQ
A construction contract may provide for the withholding of retainage of up to 10% of any payment made prior to the completion of 50% of the contract. When a contract is 50% complete, retainage withheld shall be reduced so that no more than 5% is held.
