Cost Plus Fee Construction Contract In Illinois
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Description
The Cost Plus Fee Construction Contract in Illinois is a legally binding agreement between a contractor and owner for the construction of a project based on actual costs plus an agreed-upon fee. This form outlines key elements such as the scope of work, work site, necessary permits, soil conditions, insurance, and procedures for changing the scope of work. It allows the owner to pay the contractor based on actual material costs plus a predetermined fee, offering flexibility in managing project expenses. To fill out the form, users need to complete sections detailing the project specifications, work site address, payment terms, and any changes to the scope of work documented through change orders. This contract serves various professionals, including attorneys who draft agreements, partners and owners who initiate projects, and paralegals and legal assistants who facilitate the documentation process. Using this form can help streamline project management, ensure clarity in supply costs, and protect both parties' interests throughout the construction phase.
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