Chicago Illinois Contract for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents

• Category: Construction - Contractors
• State: Multi-State
• City: Chicago
• Control #: US-13202BG
• Format: Word; Rich Text

Description

This form is a contract for the construction of a building with Contractor agreeing to furnish all materials and to perform all work as required by contracts enumerated in the contract for construction. A Chicago Illinois Contract for Construction of a Building with a Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents is a legally binding agreement that outlines the terms and conditions between a property owner (referred to as the "Owner") and a construction contractor (referred to as the "Contractor"). This type of contract ensures that all parties involved are aware of their obligations, responsibilities, and rights throughout the construction process. The main purpose of this contract is to establish a clear understanding between the Owner and the Contractor regarding the construction project. It specifies the scope of work, project timeline, payment terms, performance standards, and any other essential provisions that apply to the construction project. Below are the different types of Chicago Illinois Contracts for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents: 1. Lump Sum Contract: This contract type requires the Contractor to complete the entire construction project for a fixed amount, which is agreed upon in advance. The Owner pays the Contractor a lump sum for providing all materials, labor, and services. 2. Cost Plus Fee Contract: In this type of contract, the Contractor is reimbursed for all actual costs incurred during the construction process, including materials, labor, and overhead expenses. Additionally, the Contractor receives a predetermined fixed fee or percentage as compensation for their services. 3. Unit Price Contract: This contract is commonly used when the scope of work cannot be precisely determined in advance. The Contractor provides a price per unit of work or material, and the final payment is calculated based on the quantities of work actually performed. 4. Design-Build Contract: This contract involves an integrated approach where the Contractor is responsible for both the design and construction of the building project. This streamlines the process as it allows for seamless collaboration between the design and construction phases. Regardless of the contract type used, there are a few key components that are typically included in a Chicago Illinois Contract for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents: 1. Parties involved: Clearly identifies the Owner and the Contractor, including their legal names and addresses. 2. Scope of work: Detailed description of the construction project, including architectural plans, specifications, and any other relevant documents outlining the exact requirements. 3. Project timeline: Stipulates the start and completion dates, and outlines any milestones or deadlines that must be met. 4. Payment terms: Specifies the amount, frequency, and method of payment to the Contractor, including any retain age or progress payments. 5. Change orders: Outlines the process for handling any changes in the scope of work, including how additional costs or time extensions will be addressed. 6. Insurance and liability: Identifies the insurance requirements for both parties, ensuring that adequate coverage is in place to protect against any potential risks or liabilities. 7. Dispute resolution: Establishes the procedure for resolving any disputes that may arise during the construction process, such as mediation, arbitration, or litigation. It is crucial for both the Owner and the Contractor to carefully review and understand the terms and conditions of the Chicago Illinois Contract for Construction of Building before signing it. Seeking legal advice from an experienced attorney can be beneficial to ensure compliance with local regulations and to protect the rights of all parties involved.

A Chicago Illinois Contract for Construction of a Building with a Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents is a legally binding agreement that outlines the terms and conditions between a property owner (referred to as the "Owner") and a construction contractor (referred to as the "Contractor"). This type of contract ensures that all parties involved are aware of their obligations, responsibilities, and rights throughout the construction process. The main purpose of this contract is to establish a clear understanding between the Owner and the Contractor regarding the construction project. It specifies the scope of work, project timeline, payment terms, performance standards, and any other essential provisions that apply to the construction project. Below are the different types of Chicago Illinois Contracts for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents: 1. Lump Sum Contract: This contract type requires the Contractor to complete the entire construction project for a fixed amount, which is agreed upon in advance. The Owner pays the Contractor a lump sum for providing all materials, labor, and services. 2. Cost Plus Fee Contract: In this type of contract, the Contractor is reimbursed for all actual costs incurred during the construction process, including materials, labor, and overhead expenses. Additionally, the Contractor receives a predetermined fixed fee or percentage as compensation for their services. 3. Unit Price Contract: This contract is commonly used when the scope of work cannot be precisely determined in advance. The Contractor provides a price per unit of work or material, and the final payment is calculated based on the quantities of work actually performed. 4. Design-Build Contract: This contract involves an integrated approach where the Contractor is responsible for both the design and construction of the building project. This streamlines the process as it allows for seamless collaboration between the design and construction phases. Regardless of the contract type used, there are a few key components that are typically included in a Chicago Illinois Contract for Construction of Building with Contractor to Furnish all Materials and Perform all Work as Required by Enumerated Contract Documents: 1. Parties involved: Clearly identifies the Owner and the Contractor, including their legal names and addresses. 2. Scope of work: Detailed description of the construction project, including architectural plans, specifications, and any other relevant documents outlining the exact requirements. 3. Project timeline: Stipulates the start and completion dates, and outlines any milestones or deadlines that must be met. 4. Payment terms: Specifies the amount, frequency, and method of payment to the Contractor, including any retain age or progress payments. 5. Change orders: Outlines the process for handling any changes in the scope of work, including how additional costs or time extensions will be addressed. 6. Insurance and liability: Identifies the insurance requirements for both parties, ensuring that adequate coverage is in place to protect against any potential risks or liabilities. 7. Dispute resolution: Establishes the procedure for resolving any disputes that may arise during the construction process, such as mediation, arbitration, or litigation. It is crucial for both the Owner and the Contractor to carefully review and understand the terms and conditions of the Chicago Illinois Contract for Construction of Building before signing it. Seeking legal advice from an experienced attorney can be beneficial to ensure compliance with local regulations and to protect the rights of all parties involved.