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 Virginia: scope of work, work site, warranty and insurance.
Cost Plus Fixed Fee Contract Formula
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Cost-Plus-Fixed-Fee Contracts estimated cost and fee for production and delivery of designs, plans, drawings, and specifications shall not exceed 6 percent of the estimated cost of construction of the public work or utility, excluding fees.
plusfixedfee contract is a costreimbursement contract that provides for payment to the contractor of a negotiated fee that is fixed at the inception of the contract. The fixed fee does not vary with actual cost, but may be adjusted as a result of changes in the work to be performed under the contract.
If the Actual Cost is higher than the Target Cost, say 1,100, the client will pay: 1,100 + 100 + (1,000 - 1,100) 0.2 = 1,180 (contractor earns 80). If the Actual Cost is lower than the Target Cost, say 900, the client will pay: 900 + 100 + (1,000 - 900) 0.4 = 1,040 (contractor earns 140).
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.
In a CPFF contract the seller is reimbursed for allowable costs for performing the work and also receives a fixed fee payment that is calculated as a percentage of the initial estimated project costs. The fee amount would only change if there was a change to the project scope.
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Fixed-Price Contracts with Award-Fees. ▫ Cost-Plus-Award-Fee Contracts.This is the basic formula for FP contracts where the price is estimated before work begins. 3) Cost-Plus-Fixed-Fee Contract. On the relationship of total allowable costs to total target costs. The formula provides for an increase in the fee paid to the contractor above the target fee when total allowable costs are less than the target cost. Costs to total target costs. Cost-plus- incentive-fee contracts are covered in subpart 16. Cost Plus Fixed Fee (CPFF). • Cost-reimbursement contract that provides for payment to the contractor of a negotiated fee that is fixed at the inception.