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 Fee
Category:
State:
South Carolina
Control #:
SC-00462
Format:
Word;
Rich Text
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How to fill out South Carolina Construction Contract Cost Plus Or Fixed Fee?
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Divide the total by your annual billable hours to arrive at your hourly rate: $99,000 ÷ 1,920 = $51.56. You may then want to round your hourly rate off to the nearest whole number (i.e. $52 in this case) Finally, multiply your hourly rate by 8 to reach your day rate. For example: 52 x 8 = $416.
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.
coordinated CostPlus contract can save the Owner a lot of money. For instance, on a Fixed Price contract, if the Contractor is able to save money by finding a better material price, or using laborsaving strategies, those savings revert to the Contractor.
The basic elements of a CPIF contract are: Target Cost: the estimated total contract costs....For example, assume a CPIF with:Target Cost = 1,000.Target Fee = 100.Benefit/Cost Sharing Ratio for cost overruns = 80% Client / 20% Contractor.Benefit/Cost Sharing Ratio for cost underruns = 60% Client / 40% Contractor.
plus fixed fee contract is a specific type of contract wherein the contractor is paid for the normal expenses for a project, plus an additional fixed fee for their services. These allow the contractor to collect a profit on the project, and they encourage economic production in various industries.
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This contract method is essentially the same as Cost Plus with no GMP, but it includes an upper limit of costs, called "Gross Max Price. In construction, cost-plus contracts are drawn up so contractors can be reimbursed for almost every expense actually incurred on a project.The contractor estimates the base cost of the project. The base cost includes the price of materials, labor, and overhead. This form of contract normally requires the contractor to complete and deliver the specified end product (e.g.