Cost Plus Contract In Project Management
Description
How to fill out Maryland Construction Contract Cost Plus Or Fixed Fee?
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FAQ
A cost reimbursable contract (sometimes called a cost plus contract) is one in which the contractor is reimbursed the actual costs they incur in carrying out the works, plus an additional fee. Option E of the NEC3 Engineering and Construction Contract (ECC) is an example of a cost reimbursable contract.
Cost Plus Contract AdvantagesHigher quality since the contractor has incentive to use the best labor and materials.Less chance of having the project overbid.Often less expensive than a fixed-price contract since contractors don't need to charge a higher price to cover the risk of a higher materials cost than expected.
A CPF or CPPC contract is a cost-reimbursement contract where the buyer pays the seller the cost incurred plus a percentage of the cost. An example of a cost-plus fee contract is where the cost of work and materials is reimbursed plus 10% of costs as a fee as profit to the seller.
plus contract is one in which the contractor is paid for all of a project's expenses plus an additional fee for the job. The additional fee is intended to be the contractor's profit.
Related Content. A pricing mechanism in construction contracts in which the contractor is paid both: The actual cost of performing the physical work. A fee for the contractor's overhead and profit.
