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How to Consolidate Sum Contract For Free

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This tutorial demonstrates how to consolidate a range of values for the same product or person in Excel without duplicating values. By using the consolidate command, you can sum up the values for each product or person, making it easier to analyze data. The tutorial provides a sample sales report with customers' names and purchase amounts, showing how to consolidate and organize the data for better clarity. You can download the workbook for further practice.

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Who would take the risk for lump sum contracts?

ing to Associated General Contractors of America (AGC), In a lump sum contract, the owner has essentially assigned all the risk to the contractor, who in turn can be expected to ask for a higher markup in order to take care of unforeseen contingencies.

What is a cost reimbursement contract?

Cost-reimbursement types of contracts provide for payment of allowable incurred costs, to the extent prescribed in the contract.

What is an example of a cost-reimbursement contract?

A CPF or CPPC contract is a cost-reimbursement contract in which the buyer pays the seller the cost and a percentage of the cost. An example of a cost-plus fee contract is where the cost of work and materials is reimbursed plus 10% of costs as a fee as profit to the seller.

What is one characteristic of a cost reimbursement contract?

These contracts establish an estimate of total cost for the purpose of obligating funds and establishing a ceiling that the contractor may not exceed (except at its own risk) without the approval of the contracting officer.

Which factor supports the use of a cost reimbursement contract?

A cost-reimbursement contract should be used when there are too many uncertainties in contract performance that will not allow the use of a fixed-price contract.

Which circumstances would mandate the use of a lump sum contract?

When to Use This Type of Contract. A lump-sum contract is a great contract agreement to be used if the requested work is well-defined and construction drawings are completed. The lump-sum agreement will reduce owner risk, and the contractor has greater control over profit expectations.

What is an example of a cost reimbursement contract?

A CPF or CPPC contract is a cost-reimbursement contract in which the buyer pays the seller the cost and a percentage of the cost. An example of a cost-plus fee contract is where the cost of work and materials is reimbursed plus 10% of costs as a fee as profit to the seller.

What does lump sum mean in a contract?

A lump sum contract, sometimes called stipulated sum, is the most basic form of agreement between a contractor and a customer. A lump sum contract or a stipulated sum contract will require that the contractor agree to provide specified services for a stipulated or fixed price.

What are the characteristics of a lump sum contract?

A lump sum contract is an agreement pursuant to which one party consents to pay another party a set amount of money for completing the work or providing the goods described in the agreement. Typically, lump sum contracts do not require contractors to provide a detailed breakdown of costs.

Why use a cost reimbursement contract?

A cost reimbursement contract is best for projects where the scope is uncertain and risk is high, as the risk is being shouldered by the customer who pays for all costs. But a cost reimbursement contract is not always the best type of legal course to take between parties.

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