Cost Plus Construction Contract With Guaranteed Maximum Price In Massachusetts
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The Cost Plus Construction Contract with Guaranteed Maximum Price in Massachusetts is a legally binding agreement between a Contractor and an Owner for construction projects. This contract outlines the scope of work, including specific plans and specifications, and authorizes the Contractor to perform the necessary work at the designated Work Site. Key features include the Contractor's obligation to obtain necessary permits, the handling of soil conditions, and the maintenance of insurance. A significant aspect of this form is the cost structure, allowing the Owner to pay for actual costs plus a specified fee, ensuring financial transparency. Changes to the project scope can be made through written Change Orders, and late payment provisions are clearly defined. The warranty offered by the Contractor is limited, covering workmanship defects for one year. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who manage construction agreements, enabling them to navigate the complexities of construction law while ensuring all parties are protected and clear on their responsibilities.
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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.
