Cost Plus With Upset
Description
How to fill out Construction Contract For Home - Fixed Fee Or Cost Plus?
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FAQ
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.
Upset price. One way of establishing an upper limit while retaining the flexibility of a cost-plus arrangement is to get the contractor to agree to do the work on what is known as an ?upset price? basis. This means that you both agree to a maximum price before he begins the job. Then he proceeds on a cost-plus basis.
Unlike a fixed-cost construction contract, a cost-plus construction agreement is a contract in which the owner pays the contractor the actual costs of the materials and labor plus an additional negotiated fee or percentage over that amount.
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.