Construction Cost Plus Withdrawal In Massachusetts
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Description
The Construction Contract for cost plus withdrawal in Massachusetts is a formal agreement between a Contractor and an Owner stipulating the terms of construction services. This contract outlines the scope of work, the work site, necessary permits, and conditions related to soil and site work, emphasizing the Contractor's responsibilities and rights. Importantly, it includes a cost-plus structure, allowing the Owner to pay the actual costs of materials in addition to a set fee for the Contractor's services. Change orders are permitted, requiring written approval from the Owner for any modifications to the original plans, with costs to be adjusted accordingly. The contract also details payment timelines and penalties for late payments, ensuring clarity on both parties' obligations. The warranty provided by the Contractor is limited to a one-year period for workmanship defects. This document is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects, as it establishes legal grounds for rights, obligations, and remedies in construction disputes.
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Owner to Prime Contractor (Public): 15 days after receipt of invoice. If the entity is a commonwealth entity, payments must be made within 30 days. Final payment is due 65 days after invoice.
Complete Withdrawal — A complete withdrawal from a plan is when the contractor permanently ceases to have a current financial duty to the fund.
Protect Yourself when Working with Custom Home Builders Only work with a licensed contractor. Get the contract in writing. Avoid “lump sum” bids. Talk to several contractors. Tie payments to deliverables. Get proof of payment to suppliers.
