Cost Plus Construction Contract Example In Massachusetts
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Description
The Cost Plus Construction Contract example in Massachusetts outlines an agreement between a contractor and an owner for the construction of a project. It specifies the scope of work, permits, soil conditions, insurance requirements, and procedures for changes to the scope of work. A key feature is the cost-plus structure, where the owner agrees to pay the contractor for actual costs incurred plus an additional fee for services rendered. This type of contract is beneficial for projects where costs can vary significantly. The form emphasizes the importance of clear communication and records of changes through written change orders. For attorneys, this contract provides a framework for ensuring compliance with local regulations and protecting client interests. Partners and owners can use this document to clarify financial obligations and responsibilities, while associates and paralegals may find it useful for organizing documentation and facilitating communication between parties. Legal assistants can utilize the form to guide clients in understanding their rights and obligations throughout the construction process.
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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.
