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Connecticut Construction Contract Cost Plus or Fixed Fee

Connecticut Construction Contract Cost Plus or Fixed Fee

Name: Connecticut Construction Contract Cost Plus or Fixed Fee
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.62 (473 reviews)

Category:

Connecticut Construction - Contractors

State:

Connecticut

Control #:

CT-00462

Format:

Instant download

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Description

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

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How to fill out Connecticut Construction Contract Cost Plus Or Fixed Fee?

1. To prepare a Connecticut Construction Contract Cost Plus or Fixed Fee form, you will need to gather the following required information:

- Names and contact information of both parties involved in the contract (contractor and client)
- Description of the construction project, including the scope of work to be completed
- Payment terms, including whether it will be a cost plus or fixed fee arrangement
- Project timeline and deadlines
- Warranty information
- Insurance and liability provisions
- Any other specific terms and conditions relevant to the construction project

2. It is possible to fill out the form online using a platform like US Legal Forms, where users can access up-to-date lawyer-approved, state-specific form templates.

3. To get a form on US Legal Forms, users will need to register and purchase a Basic or Premium subscription on a monthly or annual basis. Once subscribed, users can either complete the form online or download it in Word, PDF, or RTF formats for offline use.

4. By utilizing US Legal Forms, users can ensure they have a legally sound and comprehensive Connecticut Construction Contract that accurately reflects the agreement between the parties involved in the construction project.

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FAQ

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.

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 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 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.

Disadvantages of cost-plus fixed-fee contracts may include: The final, overall cost may not be very clear at the beginning of negotiations. May require additional administration or oversight of the project to ensure that the contractor is factoring in the various cost factors.

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.

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.

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%.

Connecticut Construction Contract Cost Plus or Fixed Fee

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What is cost plus contract?

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What is a fixed price construction contract?

What is a disadvantage of a cost plus fixed fee contract?

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