Cost Plus Contract For Construction In Massachusetts
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Description
The Cost Plus Contract for Construction in Massachusetts outlines a formal agreement between a contractor and an owner for a construction project. The contract specifies the contractor's responsibilities, including providing labor and materials for the defined project, adhering to local permit requirements, and maintaining insurance coverage. Key features of this contract include detailed sections on the scope of work, site conditions, and procedures for changes to the project scope through written change orders. The payment structure, based on actual costs plus a designated fee, is clearly defined, ensuring transparency in financial arrangements. A critical clause addresses late payments, establishing a 1% late fee after a ten-day grace period. The contractor’s warranty lasts for one year, covering workmanship defects but excluding material defects after this period. This contract is particularly beneficial for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction projects as it provides a clear framework for management, compliance, and risk mitigation. Each user group can utilize this contract to protect their legal interests while ensuring all parties have a mutual understanding of their obligations.
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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.
