Cost Plus Construction With Gmp Contract
Description
How to fill out Florida Construction Contract Cost Plus Or Fixed Fee?
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FAQ
A GMP contract differs from a fixed-price contract, such as a lump sum contract, in that, for the latter, the price remains the same no matter how much a contractor spends to complete the project. GMP contracts are more flexible?the property owner will reimburse the contractor for expenses up to the maximum.
To reiterate, the main types of cost-plus agreements are: Cost-plus-incentive-fee. Cost-plus-award-fee. Cost-plus-fixed-fee. Cost-plus-percent-of-cost.
Cost-plus contracts Cost-plus fixed-fee: The contractor's profit is a base fee that doesn't depend on the project cost. Cost-plus fixed fee with a guaranteed maximum price: The contractor's profit is a base fee that does not exceed a specified amount.
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.