Ads
related to: cost plus building contract templaterocketlawyer.com has been visited by 100K+ users in the past month
A+ Rating - Better Business Bureau
- Home Improvement Contract
Protect All Involved Parties W/Our
Home Improvement Contract.
- Subcontractor Agreement
Protect All Involved Parties
W/Our Subcontractor Agreement Form
- Independent Contractor
Protect All Involved Parties w/Our
Independent Contractor Agreement!
- General Service Contract
Set Clear Terms & Conditions
W/Our General Contract For Services
- Home Improvement Contract
Search results
Results from the WOW.Com Content Network
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 cost plus contract states that a client agrees to reimburse a construction company for building expenses such as labor, materials, and other costs, plus additional payment usually stated as a percentage of the contract's full price. This type of construction contract is an alternative to lump sum agreements.
The project is then invoiced to the customer based on the actual costs incurred plus the agreed margin. It is essentially the same as what is known (especially in the U.S.) as a cost-plus contract. This contract form is popular to ensure that a competitive price is obtained, for instance in cases where tender competitions are impractical.
The Final Price of the contract is expressed as follows: Final Price = Actual Cost + Final Fee. Note that if Contractor Share = 1, the contract is a Fixed Price Contract; if Contractor Share = 0, the contract is a cost plus fixed fee (CPFF) contract. [4] For example, assume a CPIF with: Target Cost = 1,000; Target Fee = 100
The New Engineering Contract (NEC), or NEC Engineering and Construction Contract, is a formalised system created by the UK Institution of Civil Engineers that guides the drafting of documents on civil engineering, construction and maintenance projects for the purpose of obtaining tenders, awarding and administering contracts.
This form of contract is intended for building works (including alterations) where the contract is to be administered by an architect and where payment to the builder is to be on the basis of the actual cost of the works plus a fee. This fee may be either a lump sum or a percentage of the cost of the works.
Ads
related to: cost plus building contract templaterocketlawyer.com has been visited by 100K+ users in the past month
A+ Rating - Better Business Bureau