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Florida Construction Contract Cost Plus or Fixed Fee

St. Petersburg Florida Construction Contract Cost Plus or Fixed Fee

Name: St. Petersburg Florida Construction Contract Cost Plus or Fixed Fee
Brand: US Legal Forms
Rating: 4.69 (227 reviews)

Category:

Florida Construction - Contractors

State:

Florida

Control #:

FL-00462

Format:

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

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FAQ

Unlike a fixed-cost construction contract, a cost-plus construction agreement is a contract in which the owner pays the contractor the actual costs of the materials and labor plus an additional negotiated fee or percentage over that amount.

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.

plus contract is one in which the contractor is paid for all of a project's expenses plus an additional fee for the job.

Cost-plus contracts are majorly found in the construction industry where the contractor is reimbursed the number of expenditures made for the contract and fixed percentage fees of the contract cost as the profit made on the contract.

Cost plus fixed fee contracts can be used when both the contractor and the owner agree that the contractor is entitled to a fee in addition to the project expenses.

812.014.? According to Florida Statute § 486.126, if a contractor accepts more than a ten percent down payment, he must apply for permits within thirty days after the date payment is made, and start the work within 90 days after all necessary permits are issued.

What Is a Cost-Plus Contract? 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.

Budget: A fixed-price contract is just that: fixed. The agreed-on price at the beginning of the project is the price at the end. Conversely, a cost-plus contract estimates a project's costs but doesn't set the final price until the project is completed.

A: As an example, a cost-plus contract may establish that the total estimated cost of a building project is $10 million plus a fixed fee of $1.5 million, roughly 15% of the total cost, as the contractor's profit. So the total expense to the buyer would be approximately $11.5 million ?the cost plus the fee.

The specific contract types range from firm-fixed-price, in which the contractor has full responsibility for the performance costs and resulting profit (or loss), to cost-plus-fixed-fee, in which the contractor has minimal responsibility for the performance costs and the negotiated fee (profit) is fixed.

More info

A fixed price contract establishes a single, lump sum cost for a construction project. How a fixedprice contract works on construction projects, and an overview of the types you may encounter on federal jobs under the FAR.After the transfer of cost and accumulated depreciation amounts the consideration received, in cash or in kind, will be recorded in the disposal account. United States. Congress. House. Committee on Appropriations. Warded contey Madison strat Pelling at me ! FILE An adult and young manatee swim together in a canal, Feb. Local news, sports, business, politics, entertainment, travel, restaurants and opinion for Seattle and the Pacific Northwest. Plus, how is Florida stacking up to California in COVID deaths? What is the cost of COVID, the price paid for failing to get vaccinated?

St. Petersburg Florida Construction Contract Cost Plus or Fixed Fee

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