This form is a Construction Contract that may be executed with either a cost plus or fixed fee payment arrangement. The form contains the following additional subject matters and complies with the laws of the State of Florida: scope of work, work site, warranty and insurance.
Construction Cost Plus Contract Template With Labor
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How to fill out Florida Construction Contract Cost Plus Or Fixed Fee?
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FAQ
plus contract includes the cost of goods sold (COGS), including materials and labor, as well as overhead, such as administrative costs, insurance, permits, transportation and utilities. plus contract also stipulates the contractor's profit, typically a fixed fee or percentage of the project total.
The key difference between the two lies in the way a contractor factors for profit. In a T&M contract, the contractor adds a markup rate to its costs. In a cost-plus contract, the contractor bills for actual costs plus a separate amount for profit, either a fixed fee or a percentage of the project's total cost.
1. Lump sum contracts. Lump sum contracts, also called fixed price contracts, establish a fixed price for all of the materials and labor required to complete a job. This is the most basic and common type of construction contract.
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.
If a product costs $100.00, they will set the price at cost + (Cost * 15%), which would be $115.00. Within the cost-plus system, there are different types of pricing strategies. However, because cost-plus is very popular in government contracting, the government allows only three types of cost-plus contracts.