US Legal Forms
Arizona Construction Contract Cost Plus or Fixed Fee

Construction Contract Template

Name: Arizona Construction Contract Cost Plus or Fixed Fee
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.74 (416 reviews)

Category:

Arizona Construction - Contractors

State:

Arizona

Control #:

AZ-00462

Format:

Instant download

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Description Construction Contract

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 Arizona: scope of work, work site, warranty and insurance.

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How to fill out Time And Materials Contract Example?

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Cost Plus Construction Contract Template Other Form Names

Contract For Construction Construction Contractor Agreement Construction Contracts Construction Agreement Template Example Of Construction Contract Template For Construction Contract Simple Construction Contract Template

General Agreement Construction Contract Template FAQ

A fixed-price contract is a type of contract where the payment amount does not depend on resources used or time expended. This is opposed to a cost-plus contract, which is intended to cover the costs with additional profit made.

A cost-plus contract, also known as a cost-reimbursement contract, is a form of contract wherein the contractor is paid for all of their construction-related expenses. Plus, the contractor is paid a specific agreed-upon amount for profit.

A fixed price contract sets a total price for all construction-related activities during a project. Many fixed price contracts include benefits for early termination and penalties for a late termination to give the contractors incentives to ensure the project is completed on time and within scope.

In the cost plus a percentage arrangement, the contractor bills the client for his direct costs for labor, materials, and subs, plus a percentage to cover his overhead and profit. Markups might range anywhere from 10% to 25%.

Cost-plus-fixed-fee tends to me more advantageous to the buyer as opposed to the seller as it caps the fee and the fee will not swell or grow based on the future expansion or fluctuations of the budget. However, it also can protect the seller because, in the event the budget tightens, it provides a fixed fee.

A Cost-Based Pricing Example Suppose that a company sells a product for $1, and that $1 includes all the costs that go into making and marketing the product. The company may then add a percentage on top of that $1 as the "plus" part of cost-plus pricing. That portion of the price is the company's profit.

A cost-plus contract is an agreement to reimburse a company for expenses incurred plus a specific amount of profit, usually stated as a percentage of the contract's full price.

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.

Construction Contract Template

Description Construction Contract

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How to fill out Time And Materials Contract Example?

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Construction Contract Sample Form Rating

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Cost Plus Construction Contract Template Other Form Names

General Agreement Construction Contract Template FAQ

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