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 South Carolina: scope of work, work site, warranty and insurance.
Cost Plus Construction With Example
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State:
South Carolina
Control #:
SC-00462
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How to fill out South Carolina Construction Contract Cost Plus Or Fixed Fee?
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However, the general format to expect will include columns with the following details:The description of each item of work.The total cost for each item.What you've been paid to date on the work, from prior billing periods.The percentage of the work that's been completed.Your costs for the current billing period.More items...?
The two main variations of this approach to bidding are cost-plus-a-percentage and cost-plus-a-fixed-fee. Cost-plus-a-percentage. In this scenario, the contractor bills the client for his direct costs for labor, materials, and subs, plus a percentage to cover his overhead and profit.
The cost-plus pricing formula is calculated by adding material, labor, and overhead costs and multiplying it by (1 + the markup amount). Overhead costs are costs you can't directly trace back to material or labor costs, and they're often operational costs involved with creating a product.
Components of a Cost-Plus ContractDirect costs include the materials, equipment, supplies, and professional consultants the general contractor used. Overhead costs, also referred to as indirect costs, are business-related expenses that must be incurred to carry out the stipulations of the contract.
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.
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Furthermore, in some cases, both parties set the upper limit for the total costs of the project at the time of entering into the contract. The costplus construction agreement is one of the most widely used construction agreements.Cost Plus with No Gross Max Price (GMP) is commonly referred to as simply "Cost Plus. " This contact method has no fixed price. Whenever possible, many contractors prefer to use costplus contracts for their construction projects. A costplus contract shifts the risks from the contractor to the owner. The amount of cost percentage is the total consideration the party will receive for completing the construction contracts.