Cost Plus Contract Types In Massachusetts
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Description
The Cost Plus Contract types in Massachusetts are designed to facilitate construction projects by clearly outlining payment structures based on actual costs incurred by the contractor, alongside a specified fee. This contract is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants involved in construction law as it delineates the scope of work, project site, and the requirement for permits. It emphasizes the owner's responsibilities regarding site conditions and changes to the scope of work, which must be formalized through written change orders. Specific costs such as insurance and soil condition considerations are also addressed to mitigate liability risks. Users should complete all sections of the contract accurately, particularly detailing the contractor's fee, whether under the cost plus or fixed fee structure. This contract not only establishes clear expectations and legal protections for both parties but also serves as a reference for cost management throughout the project lifecycle. With accessible language and structured provisions, it caters effectively to both seasoned legal professionals and those with limited experience.
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A Time & Materials project is billed based on the number of hours worked, at the hourly, daily, or monthly fixed billing rates assigned for that project. A Fixed Bid project is billed using a flat amount, regardless of the number of hours worked.
Contract Types Comparison Party 1 offers Unilateral Services or goods that the other party requested, usually in an open request Implied Services or goods Express Anything Simple Something of value to the other party9 more rows •
