This form is a Construction Contract that may be executed with either a cost plus or fixed fee payment arrangement. The form contains the following additional subject matters and complies with the laws of the State of Texas: scope of work, work site, warranty and insurance.
Austin Texas Construction Contract Cost Plus or Fixed Fee
Category:
State:
Texas
City:
Austin
Control #:
TX-00462
Format:
Word;
Rich Text
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How to fill out Texas Construction Contract Cost Plus Or Fixed Fee?
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FAQ
plus contract is one in which the contractor is paid for all of a project's expenses plus an additional fee for the job.
From Longman Business Dictionary ?fixed ?fee (also flat fee) countable a set amount paid for work or a service, that does not change with the time the work takes or the amount the service is usedQuebec doctors get a fixed fee for each medical service performed.
Cost-plus contracts are the opposite of fixed-cost projects. Cost-plus contracts refer to a contract in which a fee over the cost is provided. In a cost-plus contract, a sum payable to the contractor is not fixed; rather, it is the total cost of the contract calculated at the end of the contract.
Unlike a fixed-cost construction contract, a cost-plus construction agreement is a contract in which the owner pays the contractor the actual costs of the materials and labor plus an additional negotiated fee or percentage over that amount.
Cost-reimbursement contracts come in several different forms, which you can see below. Cost Contracts.Cost-Sharing Contracts.Cost-Plus-Fixed-Fee (CPFF) Contracts.Cost-Plus-Incentive-Fee (CPIF) Contracts.Cost-Plus-Award-Fee (CPAF) Contracts.Cost Plus Percentage of Cost (CPPC) Contracts.
Budget: A fixed-price contract is just that: fixed. The agreed-on price at the beginning of the project is the price at the end. Conversely, a cost-plus contract estimates a project's costs but doesn't set the final price until the project is completed.
Cost plus fixed fee contracts can be used when both the contractor and the owner agree that the contractor is entitled to a fee in addition to the project expenses.
The specific contract types range from firm-fixed-price, in which the contractor has full responsibility for the performance costs and resulting profit (or loss), to cost-plus-fixed-fee, in which the contractor has minimal responsibility for the performance costs and the negotiated fee (profit) is fixed.
What Is a Cost-Plus Contract? A cost-plus contract is one in which the contractor is paid for all of a project's expenses plus an additional fee for the job. The additional fee is intended to be the contractor's profit.