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 Guaranteed Maximum
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State:
South Carolina
Control #:
SC-00462
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Word;
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How to fill out South Carolina Construction Contract Cost Plus Or Fixed Fee?
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This contract works best if the actual cost of the project is assumed to be below the projected cost. This type of contract focuses more on the quality of the project than on the overall cost of the project. If the budget for construction is low, this contract will fit. Simply put, it is a budget-friendly contract.
A cost plus contract is an arrangement under which a contractor is reimbursement for all costs incurred on a project, plus a profit that is typically calculated as a percentage of the costs incurred.
For other cost-plus-fixed-fee contracts, the fee shall not exceed 10 percent of the contract's estimated cost, excluding fee.
Cost-plus contracts provide for the payment by the contractee of the actual cost of the contract plus a stipulated or agreed profit.
Guaranteed maximum price contracts have similar stipulations, so what is the difference between GMP and lump sum? One of the most significant differences between lump sum and maximum price contracts is with GMP contracts, the customer receives the savings if the project doesn't reach the maximum price.
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If the actual cost of the works is higher than the guaranteed maximum price, then the contractor must bear the additional cost. There are two basic options for construction pricing models Guaranteed Maximum Price (GMP) and Cost Plus.This is known as a Guaranteed Maximum Price (or GMP) provision. A construction contract in which the contractor is reimbursed for the actual costs to complete the project, plus a fee. Construction Management Agreements (CMAs) traditionally take the form of a guaranteed maximum price (GMP) or cost plus agreement. When clients are concerned that job costs will spiral out of control, some contractors will provide a guaranteed maximum price. Cost-Plus Contracts; Guaranteed Maximum Price Contracts. Federal Agency Use of Design-Build with Guaranteed Maximum Price. 2.