Cost Plus Fee Contract Example In Illinois

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

Description

The Cost Plus Fee Contract example in Illinois is a construction contract that outlines the agreement between a contractor and an owner for a construction project. Key features of this form include the specification of the scope of work, the work site location, and the responsibility for obtaining necessary permits. The contract contains provisions regarding soil conditions, insurance requirements, and the need for a boundary survey and title opinion. Importantly, it allows for changes to the scope of work through written change orders. The compensation structure can be either cost plus the contractor's fee or a fixed fee, as detailed in the contract. Late payment penalties are specified, along with warranty limitations on workmanship. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants, as it serves to clearly delineate responsibilities and expectations in construction projects, thereby reducing the risk of disputes. Familiarity with this contract aids legal professionals in advising clients on compliance and contract management.