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 West Virginia: scope of work, work site, warranty and insurance.
West Virginia Construction Contract Cost Plus or Fixed Fee
Category:
State:
West Virginia
Control #:
WV-00462
Format:
Word;
Rich Text
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How to fill out West Virginia Construction Contract Cost Plus Or Fixed Fee?
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FAQ
A fixed cost is set over a specific period of time, and the cost estimate remains the same. A contractor will estimate how much labor and materials your construction project will need.The price is agreed on and will remain the same no matter how many materials or time has been put into the project.
In the cost plus a percentage arrangement, the contractor bills the client for his direct costs for labor, materials, and subs, plus a percentage to cover his overhead and profit. Markups might range anywhere from 10% to 25%.
A cost plus percentage of cost contract or CPPC is a cost reimbursement contract containing some element that obligates the non-state entity to pay the contractor an amount, undetermined at the time the contract was made and to be incurred in the future, based on a percentage of future costs.
Determine your COGS (cost of goods sold). For example $40 . Find out your gross profit by subtracting the cost from the revenue. Divide profit by COGS. Express it as a percentage: 0.25 100 = 25% . This is how to find markup... or simply use our markup calculator!
Fixed costs are associated with the basic operating and overhead costs of a business. They include items such as building rent, utilities, wages, and insurance. Most forms of depreciation and tangible assets qualify as fixed costs as well. Fixed costs are considered indirect costs of production.
Examples of fixed costs include rental lease payments, salaries, insurance, property taxes, interest expenses, depreciation, and potentially some utilities.
A cost-plus contract, also known as a cost-reimbursement contract, is a form of contract wherein the contractor is paid for all of their construction-related expenses. Plus, the contractor is paid a specific agreed-upon amount for profit.
In construction projects, the direct costs are the cost incurred on labor, material, equipment etc.Different direct costs in construction projects are material costs, labor costs, subcontractor costs, and equipment costs.
Fixed costs are those which are fixed for the production period. Wages paid to workers however can vary as the number of workers increase or decrease. Hence it is not considered as a fixed cost.