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Fixed price contract example construction

Construction Contract Cost Plus or Fixed Fee - Maryland 2026

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The document is a construction contract between a contractor and a homeowner, outlining the terms and conditions for a home improvement project. It includes details on the scope of work, payment structure, completion timeline, insurance requirements, and procedures for changes to the project. The contract also addresses issues such as late payments, warranties, and dispute resolution. Homeowners are informed of their rights regarding cancellation and the potential risks associated with financing the project.

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Click ‘Get Form’ to open the Construction Contract in the editor.
Begin by entering the Contractor's name and address in the designated fields at the top of the form.
Next, fill in the Owner's name and address. Ensure accuracy as this information is crucial for contract validity.
In the 'SCOPE OF WORK' section, describe the project details, including labor and materials required. Attach any drawings or specifications if necessary.
Specify the 'WORK SITE' by providing the property address where construction will take place.
Indicate the 'TIME OF COMPLETION' by filling in start and completion dates, considering potential delays outlined in the contract.
Choose between 'COST PLUS' or 'FIXED FEE' payment structures and enter relevant amounts in the 'CONTRACT PRICE' section.
Review all sections for completeness and accuracy before signing. Utilize our platform’s features to save your progress or share it for review.

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

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.

What is the maximum fee for a cost plus fixed fee contract?

The cost-plus-a-percentage-of-cost system of contracting may not be used. The fee for performing a cost-plus-a-fixed-fee contract for experimental, developmental, or research work may not be more than 15 percent of the estimated cost of the contract, not including the fee.

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

Fixed price (FP) agreements have fixed payments based on a milestone payment schedule or the submission of deliverables. Cost reimbursement (CR) agreements are paid as costs are incurred and invoiced, typically monthly or quarterly.

When should you use a fixed-price contract?

Fixed-price contracts are widely adopted in sectors where the scope of work can be clearly defined upfront and cost predictability is critical. These contracts reduce financial ambiguity and shift the cost risk to the vendor, making them ideal for structured projects with well-defined deliverables.

What is a disadvantage of a cost plus fixed fee contract?

Cost-plus contracts reduce risk for contractors but can increase costs for clients if not managed properly.

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What is the difference between fixed-price and cost price?

Cost plus construction contracts offer advantages like transparency, flexibility, and reduced contractor risk. They also come with drawbacks, including uncertain pricing, a higher administrative workload, and a greater risk of disputes.

What is a disadvantage of a cost-plus fixed fee contract?

A cost-plus contract is a construction agreement that requires reimbursement for project costs as well as a markup that covers the contractors overhead and profit. In other words, the name is a short-hand way of remembering what the contract covers: project costs plus contractor markup.

Construction Contract Cost Plus or Fixed Fee - Maryland 2026

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

What is the maximum fee for a cost plus fixed fee contract?

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

When should you use a fixed-price contract?

What is a disadvantage of a cost plus fixed fee contract?

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Construction Contract Cost Plus or Fixed Fee - Maryland 2026

Here's how it works

How to use or fill out Construction Contract Cost Plus or Fixed Fee - Maryland with our platform

Complete this form in 5 minutes or less

Got questions?

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

What is the maximum fee for a cost plus fixed fee contract?

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

When should you use a fixed-price contract?

What is a disadvantage of a cost plus fixed fee contract?

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What is the difference between fixed-price and cost price?

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