Cost Plus Construction With Maximum
Description
How to fill out Florida Construction Contract Cost Plus Or Fixed Fee?
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FAQ
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.
A guaranteed maximum price (GMP) contract sets a maximum price for a construction project, beyond which the contractor absorbs additional costs. Sometimes called a construction manager at risk contract, this type of construction agreement minimizes financial risk for the owner because it sets a project cost limit.
3322(b) and 41 U.S.C. 3905 : (A) For experimental, developmental, or research work performed under a cost-plus-fixed-fee contract, the fee shall not exceed 15 percent of the contract's estimated cost, excluding fee.
Cost Plus Contract If the actual costs are higher than estimated, the owner must pay the additional amount, unless the cost is capped at a guaranteed maximum price. The advantage of a cost plus contract is that the project will result in what was intended, even if costs run high.
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.