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Lump sum agreement template 2026

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FORM 116B is an addendum to a lump sum settlement agreement related to vocational rehabilitation status in Massachusetts. It outlines conditions under which written consent from the Office of Education and Vocational Rehabilitation is not required for the validity of the agreement, including employee suitability determinations and employment status. The document also clarifies that lump sum agreements do not affect liability for medical or vocational rehabilitation benefits.

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Click ‘Get Form’ to open the lump sum agreement template in the editor.
Begin by entering the DIA Board number if known, followed by the employee's name in the designated fields.
In Part A, select one of the options regarding vocational rehabilitation status by checking the appropriate box that applies to your situation.
Sign and date the form in the provided signature section, ensuring all information is accurate before proceeding.
If applicable, complete Part B by noting any relevant details regarding vocational rehabilitation services and obtaining necessary consents.
Review Part C for important notes on liability and ensure you understand your rights regarding medical benefits and vocational rehabilitation.

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What is a traditional lump sum contract?

A lump sum contract in construction is one type of construction contract, sometimes referred to as stipulated-sum, where a single price is quoted for an entire project based on plans and specifications and covers the entire project and the owner knows exactly how much the work will cost in advance.

What are the disadvantages of a lump sum contract?

Lump sum contracts can also be a source of disputes, changes, inflexibility, and higher initial cost estimates. Potential for disputes. Any misunderstandings or ambiguities in the contract terms can lead to disagreements between clients and contractors.

How does a lump sum contract work?

A lump sum contract, sometimes called stipulated sum, is the most basic form of agreement between a contractor and a customer. A lump sum contract or a stipulated sum contract will require that the contractor agree to provide specified services for a stipulated or fixed price.

What is an example of a lump sum contract?

Example 1: Residential construction. A homeowner hires a contractor to build an extension to their house using a lump sum contract. The fixed price of $500K covers labor, materials, and equipment. The homeowner knows the cost upfront, while the contractor manages the project to stay within budget.

Is a lump sum contract good for owners?

The contract amount in a Lump-Sum contract is a guaranteed price, and since there is not a construction contingency, 100% of the risk lies with the General Contractor; where it should be. In this form of contract, the owner/developer has peace of mind and avoids any of the construction-related risks.

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What is an example of a lump sum?

A lump sum payment is a single, one-time payment of a full amount of money, instead of being paid in smaller, periodic instalments. This concept applies to various financial transactions, such as receiving a lottery winning, a retirement benefit, or making a one-time investment into a mutual fund or a fixed deposit.

Are lump sum contracts legally binding?

The contractor estimates costs and submits a lump sum bid that covers everything: labor, materials, equipment, and profit. The contract is signed. Once the owner accepts the bid, a legally binding contract is signed.