In this article, our Peoria construction lawyers explain how Guaranteed Maximum Price construction contracts work.

In Guaranteed Maximum Price Contracts, also known as GMP contracts, the contractor can charge for its services in a variety of ways, including time plus materials, or a percentage of the overhead as profit. However, the total price of the contract is limited by the guaranteed maximum price.  If the contractor's final charges come in below the guaranteed maximum price the owner typically gets the savings. The contractor bears the risk of the price exceeding the guaranteed maximum price.  Our Peoria construction lawyers explain how allowances, change orders, contingencies, and schedules of values operate in guaranteed maximum price construction contracts.

Read the full article by our Peoria construction attorneys explaining GMP contracts.

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For this article, our Peoria contract dispute attorneys explain how to get out of a contract in an Illinois breach of contract case. In it, we explain the types of defenses that may be used in your breach of contract dispute (material breach, anticipatory repudiation, duress, unconscionability, mistake, fraud, undue influence, impracticability). We also provide you with a list of factors you should consider in when trying to leave a contract using these breach of contract defenses.

Read the full article by our Peoria contract litigation attorneys about leaving a contract in Illinois.

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Our Peoria contract lawyers want you to be informed about what you should look for in your residential real estate contract. In this article, we outline five specific clauses that can significantly impact your experience as a party in a residential real estate contract, and give you some tips on how to use these clauses to create favorable terms for yourself.

‍Read the full article by our Peoria contract law attorneys explaining what to look for in your Peoria real estate contract.

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