Contract Plus Fixed

State:
Utah
Control #:
UT-00462
Format:
Word; 
Rich Text
Instant download

Description Contract Cost Plus

This document is a Construction Contract between a Contractor and an Owner detailing the scope of work, time of completion, payment terms, and responsibilities regarding construction of a project. It includes provisions for permits, insurance, soil conditions, changes to the scope of work, late payments, destruction and damage, and assignment of the contract. The document constitutes the entire agreement between the parties, stipulates governing law, and includes a warranty clause for workmanship.
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Contract Plus Fee Other Form Names

Construction Cost Plus   Construction Contract Fee   Construction Contract Cost   Cost Plus Fee Contract   Contract Fixed Fee   Cost Plus Contractor Fee   Construction Fixed Fee  

Cost Fixed Fee FAQ

A Cost-Based Pricing Example Suppose that a company sells a product for $1, and that $1 includes all the costs that go into making and marketing the product. The company may then add a percentage on top of that $1 as the "plus" part of cost-plus pricing. That portion of the price is the company's profit.

A fixed price contract sets a total price for all construction-related activities during a project. Many fixed price contracts include benefits for early termination and penalties for a late termination to give the contractors incentives to ensure the project is completed on time and within scope.

A cost-plus contract is an agreement to reimburse a company for expenses incurred plus a specific amount of profit, usually stated as a percentage of the contract's full price.

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 fixed-price contract is a type of contract where the payment amount does not depend on resources used or time expended. This is opposed to a cost-plus contract, which is intended to cover the costs with additional profit made.

Cost Plus Contract Disadvantages For the buyer, the major disadvantage of this type of contract is the risk for paying much more than expected on materials. The contractor also has less incentive to be efficient since they will profit either way.

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.

Disadvantages of cost-plus fixed-fee contracts may include: The final, overall cost may not be very clear at the beginning of negotiations. May require additional administration or oversight of the project to ensure that the contractor is factoring in the various cost factors.

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Contract Plus Fixed