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 Wisconsin: scope of work, work site, warranty and insurance.
Green Bay Wisconsin Construction Contract Cost Plus or Fixed Fee In Green Bay, Wisconsin, construction contracts can be structured as either cost plus or fixed fee agreements. These contract types outline how the contractor will be compensated for their services, materials, and labor involved in a construction project. 1. Cost Plus Contract: A cost plus construction contract in Green Bay, Wisconsin, is an agreement where the contractor is reimbursed for the actual costs incurred during the construction process, in addition to a predetermined fee or percentage. This fee is often agreed upon at the outset of the project. The contractor is generally responsible for keeping records of all costs and presenting them to the client for reimbursement. Keywords: Green Bay Wisconsin, Construction Contract, Cost Plus, Agreement, Reimbursement, Actual Costs, Predetermined Fee, Percentage, Construction Process, Contractor, Client, Records. 2. Fixed Fee Contract: A fixed fee construction contract in Green Bay, Wisconsin, is an agreement where the contractor is paid a specific predetermined sum for their services, regardless of the actual costs incurred during the construction process. The fixed fee is established before the project begins and remains unchanged, irrespective of any cost fluctuations or unexpected expenses that may arise during construction. Keywords: Green Bay Wisconsin, Construction Contract, Fixed Fee, Agreement, Predetermined Sum, Construction Process, Contractor, Actual Costs, Expenses, Fluctuations. Different types within Cost Plus and Fixed Fee Contracts: — Guaranteed Maximum Price (GMP) Contract: This type of cost plus contract sets a maximum project cost that the contractor will not exceed. Any cost savings will be shared between the contractor and the client, incentivizing the contractor to complete the project within or below the agreed maximum price. Keywords: Cost Plus, Guaranteed Maximum Price, Contract, Contractor, Client, Cost Savings. — Lump Sum Fixed Fee Contract: Under this fixed fee contract type, the contractor agrees to complete the entire construction project for a single, predetermined sum. This contract is often used when the project's scope is well-defined, allowing for accurate pricing upfront. Keywords: Lump Sum Fixed Fee, Contract, Construction Project, Predetermined Sum, Contractor. — Cost Plus Percentage Fee Contract: This cost plus contract extends the contractor's fee as a percentage of actual costs incurred during the construction process. The predetermined fee is calculated based on a percentage determined in the contract, providing compensation in proportion to the project's cost. Keywords: Cost Plus, Percentage Fee, Contract, Contractor, Actual Costs, Construction Process, Predetermined Fee. In Green Bay, Wisconsin, construction projects can be executed using either a cost plus or fixed fee contract, with various variations within each type. It's crucial for both parties (contractor and client) to thoroughly understand the specific terms and conditions outlined in the contract before commencing any construction project.Green Bay Wisconsin Construction Contract Cost Plus or Fixed Fee In Green Bay, Wisconsin, construction contracts can be structured as either cost plus or fixed fee agreements. These contract types outline how the contractor will be compensated for their services, materials, and labor involved in a construction project. 1. Cost Plus Contract: A cost plus construction contract in Green Bay, Wisconsin, is an agreement where the contractor is reimbursed for the actual costs incurred during the construction process, in addition to a predetermined fee or percentage. This fee is often agreed upon at the outset of the project. The contractor is generally responsible for keeping records of all costs and presenting them to the client for reimbursement. Keywords: Green Bay Wisconsin, Construction Contract, Cost Plus, Agreement, Reimbursement, Actual Costs, Predetermined Fee, Percentage, Construction Process, Contractor, Client, Records. 2. Fixed Fee Contract: A fixed fee construction contract in Green Bay, Wisconsin, is an agreement where the contractor is paid a specific predetermined sum for their services, regardless of the actual costs incurred during the construction process. The fixed fee is established before the project begins and remains unchanged, irrespective of any cost fluctuations or unexpected expenses that may arise during construction. Keywords: Green Bay Wisconsin, Construction Contract, Fixed Fee, Agreement, Predetermined Sum, Construction Process, Contractor, Actual Costs, Expenses, Fluctuations. Different types within Cost Plus and Fixed Fee Contracts: — Guaranteed Maximum Price (GMP) Contract: This type of cost plus contract sets a maximum project cost that the contractor will not exceed. Any cost savings will be shared between the contractor and the client, incentivizing the contractor to complete the project within or below the agreed maximum price. Keywords: Cost Plus, Guaranteed Maximum Price, Contract, Contractor, Client, Cost Savings. — Lump Sum Fixed Fee Contract: Under this fixed fee contract type, the contractor agrees to complete the entire construction project for a single, predetermined sum. This contract is often used when the project's scope is well-defined, allowing for accurate pricing upfront. Keywords: Lump Sum Fixed Fee, Contract, Construction Project, Predetermined Sum, Contractor. — Cost Plus Percentage Fee Contract: This cost plus contract extends the contractor's fee as a percentage of actual costs incurred during the construction process. The predetermined fee is calculated based on a percentage determined in the contract, providing compensation in proportion to the project's cost. Keywords: Cost Plus, Percentage Fee, Contract, Contractor, Actual Costs, Construction Process, Predetermined Fee. In Green Bay, Wisconsin, construction projects can be executed using either a cost plus or fixed fee contract, with various variations within each type. It's crucial for both parties (contractor and client) to thoroughly understand the specific terms and conditions outlined in the contract before commencing any construction project.
