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.

Read our full article on Wheaton contract lawyers on 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.

Read the full article by our Wheaton merger and acquisition contract lawyers to learn more about employment vs. independent contract agreements.

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Our Wheaton residential real estate attorneys want you to know the typical clauses of a residential real estate contract, and have written the following article to assist you.

Briefly, common clauses may include fixtures included in the sale, tax prorations, the mortgage contingency clause, and the clause lying out the purchase price and earnest money. Our Wheaton contract team will take the time to explain your specific contract in detail to ensure that you understand your contract.  We will ensure that your rights are protected.

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

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