Cost Plus Fee Contract With Customer
Description
How to fill out California Construction Home Improvement Contract Cost Plus Or Fixed Fee?
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FAQ
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.
Six Ways to Deal with Cost-Plus Contracts 1) Demand Quantity Guarantees. ... 2) Limit Increases in the Contractor's Fee. ... 3) Eliminate Budgetary Fluff. ... 4) Carefully Select the Project Team. ... 5) Demand Transparency. ... 6) Reduced Risk means a Reduced Fee.
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.
All expenses incurred in fulfilling a contract (e.g., materials, wages, direct expenses, cost of sub-contracts, cost of special plants, and indirect expenses) are debited to a contract account.
plus contract is an agreement to reimburse a company for expenses incurred plus a specific amount of profit, usually stated as a percentage of the contract's full price.