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 Upset
Category:
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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FAQ
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.
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.
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.
Cost plus percentage contracts are invoices that charges the cost of the materials plus a percentage of the total materials used. These are typically used for custom work and where the amount of materials needed is not readily estimated.
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.
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Cost Plus: This is a contract where the property owner is responsible for paying the contractor for certain expenses. C) Disadvantages of Cost plus Percentage of Cost. 1.The project total cost is completely unknown before the project start. 2. The costplus construction agreement is one of the most widely used construction agreements. Just prior to the commencement of construction. Actual proved total cost to the contractor charge and fixed construction fee.