What does cost-plus mean in a contract?

plus contract is one in which the contractor is paid for all of a project's expenses plus an additional fee for the job.

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Arizona Construction Contract Cost Plus or Fixed Fee

Scottsdale Arizona Construction Contract Cost Plus or Fixed Fee

Name: Scottsdale Arizona Construction Contract Cost Plus or Fixed Fee
Brand: US Legal Forms
Rating: 4.74 (416 reviews)

Category:

Arizona Construction - Contractors

State:

Arizona

City:

Scottsdale

Control #:

AZ-00462

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Description

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

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FAQ

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.

A CPPC contract is one that is structured to pay the contractor his actual costs incurred on the contract plus a fixed percent for profit or overhead (that is not audited/adjusted) and which is applied to actual costs incurred.

The construction contract price includes the direct project cost including field supervision expenses plus the markup imposed by contractors for general overhead expenses and profit. The factors influencing a facility price will vary by type of facility and location as well.

plusfixedfee contract is a costreimbursement contract that provides for payment to the contractor of a negotiated fee that is fixed at the inception of the contract. The fixed fee does not vary with actual cost, but may be adjusted as a result of changes in the work to be performed under the contract.

plus contract is one in which the contractor is paid for all of a project's expenses plus an additional fee for the job.

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.

As a rule of thumb, general contractors will charge between 10 and 20 percent of the total cost of your renovation or remodel. This rate will likely depend on the size and scope of your project, your geographic location, and the materials, labourers, and permits required for the job.

The total contract value (TCV) equals the monthly subscription fee ? i.e. the monthly recurring revenue ? multiplied by the contract term length, which is added to any one-time fees.

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 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.

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Scottsdale Arizona Construction Contract Cost Plus or Fixed Fee

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