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 Utah: scope of work, work site, warranty and insurance.
Salt Lake Utah Construction Contract Cost Plus or Fixed Fee
Category:
State:
Utah
County:
Salt Lake
Control #:
UT-00462
Format:
Word;
Rich Text
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How to fill out Utah Construction Contract Cost Plus Or Fixed Fee?
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FAQ
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.
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.
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.
From Longman Business Dictionary ?fixed ?fee (also flat fee) countable a set amount paid for work or a service, that does not change with the time the work takes or the amount the service is usedQuebec doctors get a fixed fee for each medical service performed.
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 contract has its own advantages and disadvantages. This type of contract is used when you want to reduce the risks and have your expenses covered on a job. But here you won't get reimbursed for any and every 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.
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.
A CPPC contract is one that is structured to pay the contractor his actual costs incurred on the contract plus a fixed percent for profit or overhead (that is not audited/adjusted) and which is applied to actual costs incurred.
Cost plus is about as simple as it sounds. Retailers set shelf pricing for every item in the store at their cost ? the item, transportation and warehousing costs and labor to get it on the shelf ? and simply charge consumers 10% of their total basket at checkout.