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Virginia Construction Contract Cost Plus or Fixed Fee

Construction Contract Plus

Name: Virginia Construction Contract Cost Plus or Fixed Fee
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.76 (437 reviews)

Category:

Virginia Construction - Contractors

State:

Virginia

Control #:

VA-00462

Format:

Instant download

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Description Construction Contract Cost Plus

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

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Cost Plus Fixed Fee Other Form Names

Cost Fixed Fee Fillable Cost Plus Fee Contract Cost Plus Fee Cost Plus Fee Agreement Construction Contract Fee Cost Fixed Fee Cost Fixed Fee Contract

Construction Cost Plus Agreement FAQ

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.

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.

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 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.

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.

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 fixed fee contract is a specific type of contract wherein the contractor is paid for the normal expenses for a project, plus an additional fixed fee for their services.

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.

Construction Contract Plus

Description Construction Contract Cost Plus

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Cost Plus Fixed Fee Other Form Names

Construction Cost Plus Agreement FAQ

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