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Construction Contract Cost Plus or Fixed Fee - Wyoming

Construction Contract Cost Plus or Fixed Fee - Wyoming 2026

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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, time of completion, payment structure, responsibilities regarding permits and soil conditions, insurance requirements, and procedures for changes to the project. The contract also includes clauses on late payments, destruction or damage to the project, assignment of the contract, and warranty provisions. Additionally, it provides information on cancellation rights for 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, including names and addresses. This establishes the parties involved in the contract.
In the 'SCOPE OF WORK' section, clearly describe the project, referencing any drawings or specifications that outline the work to be completed.
Specify the 'WORK SITE' address where construction will take place. Ensure this is accurate to avoid any legal issues.
Indicate the 'TIME OF COMPLETION' by entering start and completion dates. This sets clear expectations for both parties.
Choose between 'COST PLUS' or 'FIXED FEE' payment structures in the 'CONTRACT PRICE' section, detailing costs as necessary.
Review all sections for accuracy before signing. Utilize our platform's features to save and share your document easily.

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What is a cost-plus fixed-fee 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.

What percentage do contractors charge for cost-plus?

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 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 6% mean?

Cost-plus pricing is calculated by multiplying a markup percentage by the total costs of a product or service. The selling price then equals the total cost, plus the calculated markup.

Which is an advantage of the cost-plus fixed-fee contract?

Benefits of a cost-plus fixed-fee contract They allow you to explore and adjust the scope, unlike firm-fixed-price contracts. CPFF contracts foster better communication between clients and contractors, especially when both parties must work closely to guarantee contract performance.

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 - Wyoming 2026

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