We explain the basics of #GuaranteedMaximumPrice #ConstructionContracts, including an explanation of contingencies and allowances, two common components of these types of #contracts. We also describe different types of #PricingStructures that can be used in general contractor agreements. One of the most common price structures is for the owner to pay the contractor the cost of work plus the contractor’s fee.
Check out our article on this topic: https://www.oflaherty-law.com/our-law-blog/guaranteed-maximum-price-construction-contracts-explained-what-are-contingencies-allowances-in-construction-contracts
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O'Flaherty Law has convenient offices located in Downers Grove, Elmhurst, Naperville, Tinley Park, St. Charles, and Lake in the Hills, Illinois, serving DuPage County, Will County, Cook County, Lake County and McHenry County. Its attorneys focus on providing quality legal work, above-and-beyond customer service, and affordable rates in the following practice areas: divorce & family law; estate Planning, wills & trusts; probate & estate administration; litigation, civil law & dispute resolution; business representation & corporate law; guardianship, elder law & special needs law; residential & commercial real estate law; immigration; bankruptcy; and DUI law and traffic & criminal defense.