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Home Improvement or Remodeling Construction Contract - Cost Plus...

Queens New York Home Improvement or Remodeling Construction Contract - Cost Plus Basis of Payment

Name: Queens New York Home Improvement or Remodeling Construction Contract - Cost Plus Basis of Payment
Brand: US Legal Forms
Rating: 4.72 (246 reviews)

Category:

Construction - Contractors

State:

Multi-State

County:

Queens

Control #:

US-02023BG

Format:

Instant download

Description

A cost-plus contract is one in which the purchaser agrees to pay the cost of all labor and materials plus an amount for contractor overhead and profit (usually as a percentage of the labor and material cost). This type of contract is often used when the scope of the work is undermined or highly uncertain and the kinds of labor, material and equipment needed are also uncertain. It is important that the contractor maintain complete records of all time and materials spent by the contractor on the work.

This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

Affidavit of Heirship

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FAQ

plusawardfee contract is a costreimbursement contract that provides for a fee consisting of (a)a base amount (which may be zero) fixed at inception of the contract and (b)an award amount, based upon a judgmental evaluation by the Government, sufficient to provide motivation for excellence in contract

Cost-plus pricing is also known as markup pricing. It's a pricing method where a fixed percentage is added on top of the cost it takes to produce one unit of a product (unit cost). The resulting number is the selling price of the product.

Instead of asking for bids, the government signed cost-plus contracts. The government agreed to pay a company whatever it cost to make a product plus a guaranteed percentage of the costs as profit. Under the cost-plus system, the more a company produced and the faster it did the work, the more money it would make.

Q: How does a cost-plus contract work? A: In a cost-plus contract, the buyer and seller agree on a set of expenses that will be reimbursed for a project, as well as a usually fixed fee on top of those costs. The fee represents the contractor's profit.

plusincentivefee contract is a costreimbursement contract that provides for an initially negotiated fee to be adjusted later by a formula based on the relationship of total allowable costs to total target costs.

plusincentivefee contract is a costreimbursement contract that incentivizes the contractor to bring in the project under budget. plusfixedfee contract reimburses costs and pays the contractor a fee that is negotiated prior to signing the contract.

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.

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.

Three Key Parts of a Cost-Plus Contract Regardless of the type of project or the specific details of the agreement, every cost-plus contract should be made up of three core components direct costs, indirect costs and a fee. These three make up the bones of the contract.

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.

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Queens New York Home Improvement or Remodeling Construction Contract - Cost Plus Basis of Payment

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What is a cost-plus award fee contract?

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Interesting Questions

What does the term 'cost plus basis of payment' mean in a remodeling construction contract?

How does the cost plus basis of payment differ from a fixed price contract?

What advantages are there to using a cost plus basis of payment for a remodeling project?

Are there any potential drawbacks to a cost plus basis of payment contract?

How can I ensure that the contractor's costs are reasonable in a cost plus basis of payment contract?

What factors should be considered when negotiating the contractor's profit percentage or fee?

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