Home Fee Cost Plus Contract With Gmp In Illinois
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Description
The Home Fee Cost Plus Contract with GMP in Illinois is a comprehensive agreement between a contractor and an owner for construction services. This form outlines the scope of work, including labor and materials required for building a residence, and specifies the worksite location. It also requires the contractor to obtain necessary permits, and addresses soil conditions, insurance obligations, and title surveys needed before construction begins. One notable feature is the provision for changes to the project scope through written change orders, which may adjust costs. The contract stipulates both cost-plus and fixed fee payment options for the contractor, allowing flexibility based on the project's financial structure. Additionally, it includes conditions for late payments and a warranty clause that limits liability for workmanship defects to one year. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in real estate and construction law, providing a structured framework for negotiating and formalizing agreements related to home construction in Illinois.
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