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Construction Contract Cost Plus or Fixed Fee - Hawaii

Construction Contract Cost Plus or Fixed Fee - Hawaii 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, time of completion, payment structure, responsibilities regarding permits and soil conditions, insurance requirements, change orders, and lien rights. 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 interpretations. Additionally, it provides homeowners with guidance on preventing lien issues and outlines their rights regarding cancellation.

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

A cost plus contract guarantees profit for the contractor. It is stated in the contract that the contractor will be reimbursed for all costs and still generate a profit. Conversely, a fixed price contract establishes a projects price beforehand.

What is the percentage of cost-plus in construction contracts?

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 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 is the difference between fixed-price and cost price?

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.

What are the disadvantages of a cost-plus fee contract?

What are the advantages and disadvantages of a cost-plus 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.

When to use cost-plus fixed fee?

This contract is often used when the scope of the work cannot be precisely defined at the time of the agreement, and there are doubts about potential changes and variations in the course of the project. In a CPFF contract, the buyer agrees to reimburse the supplier for the allowable costs of the project.

What is a fixed-price contract?

Firm fixed-price contracts are used in situations where the buyer pays the seller a fixed amount, regardless of whether extra costs are incurred or more resources are required in the course of the transaction.

Construction Contract Cost Plus or Fixed Fee - Hawaii 2025

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Got questions?

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

What is the percentage of cost-plus in construction contracts?

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

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

What are the disadvantages of a cost-plus fee contract?

People also ask

When to use cost-plus fixed fee?

What is a fixed-price contract?

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Construction Contract Cost Plus or Fixed Fee - Hawaii 2025

Here's how it works

How to rapidly redact Construction Contract Cost Plus or Fixed Fee - Hawaii online

Complete this form in 5 minutes or less

Got questions?

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

What is the percentage of cost-plus in construction contracts?

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

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

What are the disadvantages of a cost-plus fee contract?

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People also ask

When to use cost-plus fixed fee?

What is a fixed-price contract?

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