Construction Contract Cost Plus With Guaranteed Maximum Price In Massachusetts
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Description
The Construction Contract Cost Plus With Guaranteed Maximum Price in Massachusetts is designed to outline the terms and conditions under which a contractor will execute construction work for an owner. Key features include a detailed scope of work, insurance provisions, and procedures for handling changes to the work. Notably, the cost structure allows owners to pay for actual costs incurred plus a fixed fee, ensuring that the project stays within a guaranteed maximum price. This form requires clear identification of the work site, permits, and soil conditions, shifting responsibility for unforeseen issues to the owner. Additionally, it encompasses payment terms and includes provisions for late payments and warranties. The utility of this form primarily benefits attorneys, partners, and owners by providing a legal framework that clearly delineates expectations and responsibilities. It assists associates, paralegals, and legal assistants by serving as a templated guide for construction agreements, facilitating smooth negotiation and compliance with local regulations.
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The GMP Budget is the amount the Trustees have budgeted for the construction Contract. The award of a construction contract is contingent upon receiving an actual GMP within the GMP Budget.
