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A guaranteed maximum price (also known as GMP, not-to-exceed price, NTE, or NTX) contract is a cost-type contract (also known as an open-book contract) such that the contractor is compensated for actual costs incurred plus a fixed fee, which is limited to a maximum price. The contractor is responsible for cost overruns greater than the ...
The NEC contracts now form a suite of contracts, with NEC being the brand name for the "family" of contracts. [16] When it was first launched in 1993, it was simply the "New Engineering Contract". This specific contract has been renamed the "Engineering and Construction Contract" which is the main contract used for any construction based project.
Non-recurring engineering (NRE) cost refers to the one-time cost to research, design, develop and test a new product or product enhancement. When budgeting for a new product, NRE must be considered to analyze if a new product will be profitable. Even though a company will pay for NRE on a project only once, NRE costs can be prohibitively high ...
In cost plus fixed fee, the owner pays the contractor an agreed amount over and above the documented cost of work. [10] This is a negotiated type of contract where actual and direct costs are paid for and additional fee is given for overhead and profit is normally negotiated among parties.
NFG – 'no fucking good' used for marking damaged equipment, [citation needed] NFI – no further investment; NFW – new field wildcat, Lahee classification; NG – natural gas; NGDC – national geoscience data centre (United Kingdom) NGL – natural gas liquids; NGR – natural gamma ray; NGRC – national geological records centre (United ...
The Clippers are working on offering Lue a contract extension that will keep him signed past the 2025-26 season, when his deal is set to expire, reports ESPN's Adrian Wojnarowski.
A cost-plus contract, also termed a cost plus contract, is a contract such that a contractor is paid for all of its allowed expenses, plus additional payment to allow for risk and incentive sharing. [1] Cost-reimbursement contracts contrast with fixed-price contract, in which the contractor is paid a negotiated amount regardless of incurred ...
A no-closing-cost refinance gets rid of the need to pay refinancing fees upfront, but it’s not free. Instead, you’ll finance the closing costs — with interest — as part of your new loan ...
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