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New York Construction Contract Cost Plus or Fixed Fee

Rochester New York Construction Contract Cost Plus or Fixed Fee

Name: Rochester New York Construction Contract Cost Plus or Fixed Fee
Brand: US Legal Forms
Rating: 4.58 (382 reviews)

Category:

New York Construction - Contractors

State:

New York

Control #:

NY-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 New York: scope of work, work site, warranty and insurance.

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FAQ

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.

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.

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.

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 contracts are generally used if the party drawing up the contract has budgetary restrictions or if the overall scope of the work can't be properly estimated in advance. In construction, cost-plus contracts are drawn up so contractors can be reimbursed for almost every expense actually incurred on a project.

price contract sets the terms of a project and establishes the price of goods or services. It outlines exactly what the seller is required to do and the seller's obligations for a firm price. Fixedprice contracts are especially useful when a project's scope is easily determined from the beginning.

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.

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.

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

More info

Such bid security shall be set forth in the invitation for bids. 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 .What is a costplus contract and how is it used in the construction industry? Time and materials (cost-plus percentage). – Cost-plus fixed fee. Chambers USA recently named Construction Law Firm of the Year. DTE Energy is a Detroit-based diversified energy company involved in the development and management of energy-related businesses and services nationwide. Start a prosper- ous business now. MagazineTru-Blu Supply Co., 104 Lake Ave.

Rochester New York Construction Contract Cost Plus or Fixed Fee

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What is the difference between a firm fixed-price contract and a cost-plus fixed fee contract?

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