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

When would you use a cost-plus fixed fee contract?

16.306 Cost-plus-fixed-fee contracts. This contract type permits contracting for efforts that might otherwise present too great a risk to contractors, but it provides the contractor only a minimum incentive to control costs.

What is cost plus pricing in construction?

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.

What is a cost-plus percentage of cost contract in construction?

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.

What is meant by cost-plus?

A cost-plus contract is an agreement to reimburse a company for expenses incurred plus a specific amount of profit, usually stated as a percentage of the contracts full price.

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What does cost-plus 10% mean?

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.

Which is an example of cost-plus fixed fee pricing?

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 contractors profit. So the total expense to the buyer would be approximately $11.5 million the cost plus the fee.

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

When would a cost-plus fee contract normally be used?

Cost-plus contracts are generally used if the party drawing up the contract has budgetary restrictions or if the overall scope of the work cant 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.

What are the 3 types of contracts?

The three most common contract types include: Fixed-price contracts. Cost-plus contracts. Time and materials contracts.

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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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What does cost-plus 10% mean?

Which is an example of cost-plus fixed fee pricing?

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

When would a cost-plus fee contract normally be used?

What are the 3 types of contracts?

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Got questions?

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

When would you use a cost-plus fixed fee contract?

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What is a cost-plus percentage of cost contract in construction?

What is meant by cost-plus?

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What does cost-plus 10% mean?

Which is an example of cost-plus fixed fee pricing?

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

When would a cost-plus fee contract normally be used?

What are the 3 types of contracts?

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