Cost Plus In Construction In Illinois
Instant download
Description
The Construction Contract for cost-plus construction in Illinois outlines the agreement between a contractor and an owner regarding the construction of a residential project. Key features include the scope of work, work site details, and the responsibilities of both parties regarding permits, insurance, and soil conditions. The cost-plus payment structure allows the owner to pay the actual costs of materials plus an additional specified amount for the contractor's services. This contract requires written change orders for any modifications in the project's scope, ensuring both parties agree on additional costs. Late payments incur a specified late charge, and warranties for workmanship are limited to one year. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who navigate construction agreements, ensuring clarity and compliance with local regulations. It aids in outlining terms, responsibilities, and financial obligations, which helps prevent disputes during the project lifecycle.
Free preview
Form popularity
FAQ
The percentage of completion method is a revenue recognition accounting concept that evaluates how to realize revenue periodically over a long-term project or contract. Revenue, expenses, and gross profit are recognized each period based on the percentage of work completed or costs incurred.
