Our Wheaton contract attorneys are here to help you draft, negotiate, and review your contracts to ensure you have an airtight contract based on your needs. We have experience in all types of contracts, including business, civil, family law, real estate and commercial contract agreements. We are your advocates and will ensure your agreement is implemented with the most favorable terms on your behalf.
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Wheaton Contract Attorneys
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Kevin O'Flaherty oversees all legal matters and is actively involved in making sure every client's case, big or small, is handled with excellence and attention to detail. He is available to contact through phone and email and his rates are available upon request.
In this article, our Wheaton contract 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 Wheaton construction lawyers explain how allowances, change orders, contingencies, and schedules of values operate in Guaranteed Maximum Price construction contracts.
Our Wheaton contract law team wants you to better understand how employment and independent contracts affect your contract obligations. In the following article, we detail the primary differences between the two, how Illinois courts determine a worker's status as an employee or independent contractor by using a number of factors, and why these distinctions are critical to contract law in Illinois.