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Massachusetts Construction Contract Cost Plus or Fixed Fee

Cost Plus Contract With Ceiling Figure

Name: Cost Plus Contract With Ceiling Figure
Brand: US Legal Forms
Rating: 4.71 (333 reviews)

Category:

Massachusetts Construction - Contractors

State:

Massachusetts

Control #:

MA-00462

Format:

Instant download

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Description Cost Plus Construction Contract

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 Massachusetts: scope of work, work site, warranty and insurance.

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How to fill out Cost Plus Contract With Ceiling Figure?

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Sample Construction Contract Template Other Form Names

Sample Contract For Construction Sample Cost Plus Construction Contract

FAQ

FPIF has a price ceiling while CPIF doesn't have a ceiling associated w/ cost. FPIF normally involves progress pmts while CPIF is based on reimbursing the ktr for total costs incurred, after consideration of the incentive arrangements that meet the tests of regulatory cost principles.

Cost Plus Contract An owner agrees to pay the cost of the work, including all trade subcontractor work, labor, materials, and equipment, plus an amount for contractor's overhead and profit.

The two main variations of this approach to bidding are cost-plus-a-percentage and cost-plus-a-fixed-fee. Cost-plus-a-percentage. In this scenario, the contractor bills the client for his direct costs for labor, materials, and subs, plus a percentage to cover his overhead and profit.

The basic elements of a CPIF contract are: Target Cost: the estimated total contract costs....For example, assume a CPIF with:Target Cost = 1,000.Target Fee = 100.Benefit/Cost Sharing Ratio for cost overruns = 80% Client / 20% Contractor.Benefit/Cost Sharing Ratio for cost underruns = 60% Client / 40% Contractor.

The basic elements of a CPIF contract are: Target Cost: the estimated total contract costs. Actual Cost: constitutes the reasonable costs that the contractor can prove he has made. Target Fee: the basic fee to be paid if the Target Cost matches the Actual Cost (target profit).

Interesting Questions

While a cost plus contract with a ceiling figure offers benefits, there are potential drawbacks to consider. 1) Project cost uncertainty, as the final amount depends on the actual costs incurred; 2) Limited cost competitiveness, as the seller's profit margin is predetermined; 3) Potential disagreements regarding what costs should be included, excluded, or considered reasonable.

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The contractor's risk is lowered because the price the owner pays is the cost the contractor incurs plus a predetermined rate. Cost Plus Percentage of Cost (CPPC) In this type of contract, the seller bears zero risk and the buyer accepts it all.CostPlus GMP Contract Agreements are "cost reimbursement" contracts. In a Cost-Plus price arrangement, there is no set or Fixed Fee.

Cost Plus Contract With Ceiling Figure

Description Cost Plus Construction Contract

Cost Plus Construction Contract Template Related forms

How to fill out Cost Plus Contract With Ceiling Figure?

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Sample Construction Contract Template Other Form Names

FAQ

Do CPIF contracts have a ceiling price?

Does cost-plus include overhead?

How do you bid a cost-plus contract?

How is cost-plus-incentive-fee contract calculated?

What are the elements of a CPIF contract?

Interesting Questions

What is a cost plus contract with a ceiling figure?

Why would someone choose a cost plus contract with a ceiling figure?

What are the advantages of a cost plus contract with a ceiling figure?

Are there any drawbacks to a cost plus contract with a ceiling figure?

How is the ceiling figure determined in a cost plus contract?

Can the ceiling figure be exceeded in a cost plus contract?

Is a cost plus contract suitable for all types of projects?

Are there any legal requirements or regulations specific to cost plus contracts in Massachusetts?

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