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 Michigan: scope of work, work site, warranty and insurance.
Detroit Michigan Construction Contract Cost Plus or Fixed Fee
Category:
State:
Michigan
City:
Detroit
Control #:
MI-00462
Format:
Word;
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FAQ
A unit price contract, also known as a measurement or remeasurement contract, bases project costs on the number of units necessary for completion. Costs are accrued incrementally as the project progresses. A lump sum contract, also known as a stipulated sum, reflects a total fixed fee for an entire project.
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.
Some advantages of a CPFF contract can include: The final cost may be lower than in a normal contract, as the contractor usually will not ?inflate? prices to cover risks. The contractor also has less incentive to control the project costs (in contrast to other types of contracts, such as a fixed-price contract)
There are three basic types of pricing arrangements in construction contracts: (1) stipulated sum (also known as fixed price or lump sum), (2) cost plus (with or without a guaranteed maximum or not-to-exceed price), and (3) unit price.
In contract law the contract price is a material term. The contract price is the price for the goods or services to be received in the contract. The contract price helps to determine whether a contract may exist.
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.
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.
price contract is a contract where the agreedupon price for the job is unchanged throughout the project. It doesn't matter if more time, materials or labor must be used than first estimated, the price stays the same. It's one of the more straightforward construction contracts.
Total Contract Price means the cumulative amount of all Monthly Purchase Amounts owed under a Monthly Purchase Plan, or the Total Contract Price set forth in a Lump Sum Contract.
The total contract value (TCV) equals the monthly subscription fee ? i.e. the monthly recurring revenue ? multiplied by the contract term length, which is added to any one-time fees.