In this article, our Bolingbrook construction attorneys explain Guaranteed Maximum Price construction contracts (GMP Contracts). In a GMP construction contract, the contractor will charge the owner a variable rate based on the actual cost of the project, but will limit the price to a certain amount.  The contractor bears the risk of exceeding the maximum price, while the owner stands to gain if the contractor comes in under the maximum price.

Read the full article by our Bolingbrook construction lawyers explaining Guaranteed Maximum Price construction contracts.

In this article, our Bolingbrook construction dispute lawyers explain mechanics liens. Mechanics liens are a tool used by general contractors and subcontractors to ensure that they are paid for the work they perform.  If a mechanics lien is properly filed and perfected, the property upon which the work was performed cannot be sold without paying the amount of the lien. In addition contractors who hold mechanics liens have the right to foreclose on the property to satisfy the debt.

Read the full article by our Bolingbrook construction litigation attorneys explaining mechanics liens in DuPage and Will County, Illinois.

Bolingbrook construction attorney Kevin O'Flaherty explains general contractor agreements.  We explain the importance of clearly defining the scope of work and terms of payment.  We discuss deadlines for completion of the project and liquidated deadlines for delays. We also explain how allowances, schedules of values, and contingencies work.

Read the full article by our Bolingbrook construction litigation lawyers explaining general contractor agreements.