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.

What were the terms of the cost-plus contracts?

What Is a Cost-Plus Contract? A cost-plus contract is one in which the contractor is paid for all of a project's expenses plus an additional fee for the job. The additional fee is intended to be the contractor's profit.

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Texas Construction Contract Cost Plus or Fixed Fee

Irving Texas Construction Contract Cost Plus or Fixed Fee

Name: Irving Texas Construction Contract Cost Plus or Fixed Fee
Brand: US Legal Forms
Rating: 4.7 (200 reviews)

Category:

Texas Construction - Contractors

State:

Texas

City:

Irving

Control #:

TX-00462

Format:

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

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FAQ

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.

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.

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

Cost plus contracts should be used for designated purposes where it is difficult to assess an overall project and cost, but the budget has flexibility. It would be beneficial to enter into a cost plus contract where there is mutual trust between owners and builders who are able to have meticulous record keeping.

Cost-reimbursement contracts come in several different forms, which you can see below. Cost Contracts.Cost-Sharing Contracts.Cost-Plus-Fixed-Fee (CPFF) Contracts.Cost-Plus-Incentive-Fee (CPIF) Contracts.Cost-Plus-Award-Fee (CPAF) Contracts.Cost Plus Percentage of Cost (CPPC) Contracts.

Unlike a fixed-cost construction contract, a cost-plus construction agreement is a contract in which the owner pays the contractor the actual costs of the materials and labor plus an additional negotiated fee or percentage over that amount.

What Is a Cost-Plus Contract? A cost-plus contract is one in which the contractor is paid for all of a project's expenses plus an additional fee for the job. The additional fee is intended to be the contractor's profit.

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 contracts are the opposite of fixed-cost projects. Cost-plus contracts refer to a contract in which a fee over the cost is provided. In a cost-plus contract, a sum payable to the contractor is not fixed; rather, it is the total cost of the contract calculated at the end of the contract.

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.

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Irving Texas Construction Contract Cost Plus or Fixed Fee

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FAQ

When would you use a cost-plus fixed fee contract?

What is the difference between a firm fixed-price contract and a cost-plus fixed fee contract?

What does cost-plus mean in a contract?

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What were the terms of the cost-plus contracts?

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In which contract the contractor will get cost-plus?

What is the difference between cost-plus and fixed fees?

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