Cost Plus Construction Contract With Example In Massachusetts
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Description
The Cost Plus Construction Contract in Massachusetts is a legal agreement between a contractor and an owner outlining the terms for construction services based on actual costs incurred, plus an additional fee for the contractor's services. This type of contract allows the contractor to bill the owner for direct costs of materials, labor, and overhead, making it ideal for projects where exact costs cannot be anticipated. Key features include the specified scope of work, insurance requirements, and provisions for changes in project scope through written change orders. The contract also mandates that the owner is responsible for any necessary permits and the condition of soil at the work site. Filling instructions suggest checking and documenting each section clearly, particularly regarding costs and project details. Specific use cases for this form include construction of residential properties, renovations, and adjustments made during a project. For attorneys, partners, and associates, understanding its nuances is essential in guiding clients through cost management during construction. Paralegals and legal assistants may utilize the form for document preparation, ensuring compliance with legal standards.
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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.
