Illinois Statutes
§ 40-55 — Lessor's failure to make improvements
Illinois § 40-55
JurisdictionIllinois
TopicGOVERNMENT
Ch. 30FINANCE
Act 30 ILCS 500/Illinois Procurement Code.
Art.Article 40 - Real Property and Capital Improvement Leases
This text of Illinois § 40-55 (Lessor's failure to make improvements) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
30 Ill. Comp. Stat. 40-55 (2026).
Text
Each lease must provide for actual or liquidated damages upon the lessor's failure to make improvements agreed upon in the lease. The actual or liquidated damages shall consist of a reduction in lease payments equal to the corresponding percentage of the improvement value to the lease value. The actual or liquidated damages shall continue until the lessor complies with the lease and the improvements are certified by the chief procurement officer and the leasing State agency.
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Legislative History
(Source: P.A. 98-1076, eff. 1-1-15 .)
Nearby Sections
15
§ 40-1
Short title§ 40-10
Powers and duties§ 40-20
Race and gender wage reports§ 40-25
Length of leases§ 40-30
Purchase optionCite This Page — Counsel Stack
Bluebook (online)
Illinois § 40-55, Counsel Stack Legal Research, https://law.counselstack.com/statute/il/30/40-55.