Types Of Construction Contracts Cost Plus In Illinois

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

Description

The document is a Construction Contract specifically designed for the 'cost plus' construction method in Illinois. This type of contract allows the Contractor to charge the Owner for the actual cost of materials plus an additional fee for services rendered. Key features of the contract include a detailed scope of work, provision for necessary permits, and stipulations regarding soil conditions, insurance requirements, and boundary surveys. It outlines the Owner's ability to make changes to the scope of work via written Change Orders, which may increase costs. The contract also specifies late payment terms, imposing a 1% charge on overdue payments, and a limited warranty covering workmanship defects for one year. This form is highly useful for attorneys, partners, owners, associates, paralegals, and legal assistants as it provides clarity on the obligations of each party and the financial structure of the project. Proper completion of the contract ensures a transparent agreement that helps prevent disputes regarding costs and responsibilities while also protecting the interests of both the Contractor and the Owner.