Cost Plus Construction Without Contract
Description
How to fill out Florida Construction Contract Cost Plus Or Fixed Fee?
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FAQ
Cost Plus Contract Disadvantages For the buyer, the major disadvantage of this type of contract is the risk for paying much more than expected on materials. The contractor also has less incentive to be efficient since they will profit either way.
plus fixedfee contract predetermines a contractor's exact profit for a project, regardless of the project's total cost. That means if a project's scope increases, the contractor still makes the same profit, decreasing the profit margin.
plus contract is a construction agreement that requires reimbursement for project costs as well as a markup that covers the contractor's overhead and profit. In other words, the name is a shorthand way of remembering what the contract covers: project costs plus contractor markup.
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.
A time and materials contract is similar to a cost-plus contract in many ways, but not in the way it handles profit. Profit comes from the markup of costs in a T&M contract, whereas profit is a separate fee in a cost-plus contract.