A building and construction contract must fulfill the same requirements as any other type of contract in regard to the following necessary elements:
" an agreement;
" between competent parties;
" based upon the genuine assent of the parties;
" supported by consideration;
" made for a lawful objective; and
" and in the form required by law.
Such a contract generally provides not only for the construction of the project, but also for many matters that are incidental to the project. Thus, it may provide for the carrying of liability, workers' compensation, and fire insurance policies, designating which party is responsible for obtaining particular insurance. A building and construction contract will typically specify the duties, responsibilities, and liabilities of each of the parties, as well as those of any employed architect or engineer. The amount and method of compensation is, of course, an important part of such a contract.
Chicago Illinois Basic Building and Construction Contract between Owner and Contractor is a legally binding agreement that outlines the terms and conditions for a construction project in Chicago, Illinois. This contract is typically entered into by the property owner (referred to as the "Owner") and the contractor responsible for the construction work (referred to as the "Contractor"). It serves as a framework to protect both parties' rights, set expectations, and establish the scope of work, payment terms, and project timeline. Keywords: Chicago Illinois, basic building and construction contract, owner, contractor, legally binding, terms and conditions, construction project, property owner, framework, expectations, scope of work, payment terms, project timeline. Types of Chicago Illinois Basic Building and Construction Contracts between Owner and Contractor: 1. Lump Sum Contract: In this type of contract, the Owner agrees to pay the Contractor a fixed price for the completion of the entire construction project. The Contractor bears the risk of any cost overruns or unexpected expenses. 2. Cost Plus Contract: This contract involves the Owner reimbursing the Contractor for the actual costs incurred during the construction process, including labor, materials, and overhead. The Contractor is typically paid a predetermined percentage or fee on top of the actual costs as compensation for their services. 3. Time and Materials Contract: This contract allows for the payment of the Contractor based on the actual time and materials expended, plus an agreed-upon markup or fee for profit. It is commonly used when the project's scope or duration is uncertain. 4. Unit Price Contract: In this contract, the Owner pays the Contractor based on a predetermined unit price for each item or activity completed. The total payment is calculated by multiplying the unit price by the quantity of items or activities completed. It is important for both the Owner and Contractor to carefully review and understand the terms and conditions of the Chicago Illinois Basic Building and Construction Contract before signing it. It is also advisable to seek legal counsel to ensure that the contract adequately protects their respective interests and complies with applicable state laws and regulations.Chicago Illinois Basic Building and Construction Contract between Owner and Contractor is a legally binding agreement that outlines the terms and conditions for a construction project in Chicago, Illinois. This contract is typically entered into by the property owner (referred to as the "Owner") and the contractor responsible for the construction work (referred to as the "Contractor"). It serves as a framework to protect both parties' rights, set expectations, and establish the scope of work, payment terms, and project timeline. Keywords: Chicago Illinois, basic building and construction contract, owner, contractor, legally binding, terms and conditions, construction project, property owner, framework, expectations, scope of work, payment terms, project timeline. Types of Chicago Illinois Basic Building and Construction Contracts between Owner and Contractor: 1. Lump Sum Contract: In this type of contract, the Owner agrees to pay the Contractor a fixed price for the completion of the entire construction project. The Contractor bears the risk of any cost overruns or unexpected expenses. 2. Cost Plus Contract: This contract involves the Owner reimbursing the Contractor for the actual costs incurred during the construction process, including labor, materials, and overhead. The Contractor is typically paid a predetermined percentage or fee on top of the actual costs as compensation for their services. 3. Time and Materials Contract: This contract allows for the payment of the Contractor based on the actual time and materials expended, plus an agreed-upon markup or fee for profit. It is commonly used when the project's scope or duration is uncertain. 4. Unit Price Contract: In this contract, the Owner pays the Contractor based on a predetermined unit price for each item or activity completed. The total payment is calculated by multiplying the unit price by the quantity of items or activities completed. It is important for both the Owner and Contractor to carefully review and understand the terms and conditions of the Chicago Illinois Basic Building and Construction Contract before signing it. It is also advisable to seek legal counsel to ensure that the contract adequately protects their respective interests and complies with applicable state laws and regulations.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
