In this article, our Illinois construction dispute attorneys discuss real estate contracts and how they need to be customized to each individual rather than using a blanket document as a "catch all." When creating a real estate contract, it's essential to create a document that takes every issue into account while also trying to eliminate any potential for dispute. 

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In this article, our Illinois construction dispute attorneys explain condominium laws and common types of disputes that may arise for both tenants and owners.

It's important to note that condominium associations have the responsibilities imposed upon a not-for-profit corporation by the Not For Profit Corporation Act, whether or not the association is incorporated.  To the extent that the Not For Profit Corporation Act conflicts with the Condominium Property Act, the Condominium Property Act controls with respect to condominium associations.  

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In this article, our Illinois construction dispute attorneys explain what guaranteed maximum price construction contracts are and how they're created and implemented.

Important questions raised in this article are:

• What is a Guaranteed Maximum Price?
• What is a Schedule of Values in a GMP Construction Contract?
• ‍What is a Contingency in a GMP Construction Contract?
• ‍What are Allowances in a Construction Contract?
• ‍What are Change Orders in a Construction Contract?

Among the most common price structures is for the owner to pay the contractor the cost of work plus the contractor’s fee. ​Often, in a “cost-plus-fee” contract, the contractor’s fee is calculated as a certain percentage of the actual costs associated with the work, including labor, materials, storage, and transportation.  A common way to mitigate the owner’s risk and provide a level of certainty as to the cost of the project is for the contractor to set a guaranteed maximum price.   

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