Construction Cost Contract Plus With Guaranteed Maximum Price In Massachusetts
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Description
The Construction Cost Contract Plus with Guaranteed Maximum Price in Massachusetts is a crucial legal document establishing the terms between a contractor and owner for residential construction projects. The contract outlines the scope of work, work site details, and the responsibilities regarding permits and insurance. A significant feature is the inclusion of a cost-plus fee arrangement, where the owner agrees to cover actual costs plus a specified fee, ensuring transparency and budget control. The contract also addresses changes to the scope of work through written change orders, emphasizing the owner's responsibility for any cost increases that may arise. As part of this agreement, contractors are required to maintain insurance coverage, ensuring protection against liability. The document also includes provisions for late payments, warranty clauses for workmanship, and limits liability related to soil conditions. This contract is essential for attorneys, owners, and legal professionals involved in construction as it provides a structured approach to delineating roles, financial obligations, and risk management in the construction process.
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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.
