Cost Plus Fee Contract Formula
Description
How to fill out California Construction Home Improvement Contract Cost Plus Or Fixed Fee?
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FAQ
A: As an example, a cost-plus contract may establish that the total estimated cost of a building project is $10 million plus a fixed fee of $1.5 million, roughly 15% of the total cost, as the contractor's profit. So the total expense to the buyer would be approximately $11.5 million ?the cost plus the fee.
Cost plus percentage contracts are invoices that charges the cost of the materials plus a percentage of the total materials used. These are typically used for custom work and where the amount of materials needed is not readily estimated.
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.
A: As an example, a cost-plus contract may establish that the total estimated cost of a building project is $10 million plus a fixed fee of $1.5 million, roughly 15% of the total cost, as the contractor's profit. So the total expense to the buyer would be approximately $11.5 million ?the cost plus the fee.
In a cost-plus fixed-fee contract, the contractor is paid a set, negotiated fee regardless of the final cost of the project. Meanwhile, contracts that base a contractor's profit on a set percentage of the project's total cost are called cost-plus fixed-percentage contracts.