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Construction Contract Cost Plus or Fixed Fee - New York 2025

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This document is a construction contract between a Contractor and an Owner, outlining the terms and conditions for the completion of a construction project. It details the scope of work, work site, time of completion, payment structure, responsibilities regarding permits and soil conditions, insurance requirements, change orders, and warranties. The contract emphasizes the importance of written agreements for any modifications and includes provisions for late payments, destruction or damage to the project, and legal rights related to mechanic's liens. Additionally, it provides cancellation rights for buyers in home solicitation sales.

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Click ‘Get Form’ to open it in the editor.
Begin by filling in the Contractor and Owner details at the top of the form, including names and addresses.
In the 'SCOPE OF WORK' section, clearly describe the project, referencing any attached drawings or specifications.
Specify the 'WORK SITE' location accurately to avoid any confusion during construction.
Complete the 'IDENTIFYING INFORMATION' section with full names and addresses as required.
Set clear dates for 'TIME OF COMPLETION', ensuring they are realistic and agreed upon by both parties.
Choose between 'COST PLUS' or 'FIXED FEE' in the 'CONTRACT PRICE' section, entering appropriate amounts.
Review all sections for accuracy before saving your changes and preparing for signatures at the end of the document.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

What is a standard cost-plus percentage?

Most contracts have a cost-plus fee scale of 10-25%. A contractor would use takeoff software to calculate the materials costs, but they wouldnt need to be exact. Some companies use a cost-plus-fixed-fee (CPFF) instead of a percentage.

What is the cost plus pricing rule?

Cost-plus pricing is a pricing strategy by which the selling price of a product is determined by adding a specific fixed percentage (a markup) to the products unit cost. Essentially, the markup percentage is a method of generating a particular desired rate of return.

What is the margin on a cost plus contract?

For cost-plus contracts (where the client agrees to pay all costs, plus a specific percentage margin to the builder), a common practice is costs plus 15 to 20 per cent margin, although there are some contracts which include a margin as small as 5 per cent. The builders margin may also be a fixed amount.

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

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 does cost-plus 25% mean?

In A-level economics, cost-plus pricing refers to a method where firms calculate the total cost of production and then add a percentage markup to set the final price.

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What is a cost-plus fixed fee construction contract?

A cost-plus-fixed-fee contract is a cost-reimbursement 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.

Construction Contract Cost Plus or Fixed Fee - New York 2025

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How to use or fill out Construction Contract Cost Plus or Fixed Fee - New York

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Got questions?

What is a standard cost-plus percentage?

What is the cost plus pricing rule?

What is the margin on a cost plus contract?

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

What does cost-plus 25% mean?

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What is a cost-plus fixed fee construction contract?

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