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What is the difference between cost-plus and fixed fees?
A cost plus contract means that the price of construction is the costs plus an additional fee, normally designated as profit. The fixed costs include the cost of the materials and labor along with indirect costs known as overhead. It is simply an agreement to pay costs plus profit, all as defined in the contract.
What is the difference between lump sum and cost-plus fixed fee contract types?
Cost-plus contracts are similar to lump sum contracts in that the owner agrees to pay the contractors costs, including labor, subcontractors, equipment and materials and an amount for the contractors profit and overhead. But instead of a lump sum to cover all the expenses, those costs are reimbursed individually.
What is the difference between fixed-price and firm fixed-price?
A fixed-price contract may allow for adjustment where a firm fixed-price contract does not. The administrative burden is minimal with a fixed-price contract, but with a firm fixed-price contract, the contractor accepts the greatest risk if costs unexpectedly rise.
What does cost-plus mean in contracting?
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.
What are the advantages of a cost-plus contract?
Cost Plus Contract Advantages Higher quality since the contractor has incentive to use the best labor and materials. Less chance of having the project overbid. Often less expensive than a fixed-price contract since contractors dont need to charge a higher price to cover the risk of a higher materials cost than
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A cost-plus contract is an agreement that specifies the client will pay the contractor for construction expenses detailed in the contract, plus an additional percentage to provide the contractor with a profit.
When should a cost plus contract be used?
Cost plus contracts should be used for designated purposes where it is difficult to assess an overall project and cost, but the budget has flexibility. It would be beneficial to enter into a cost plus contract where there is mutual trust between owners and builders who are able to have meticulous record keeping.
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. 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.
What is cost-plus fixed-price 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.
Is cost-plus a good idea?
For these reason I recommend avoiding cost-plus contracts in most cases. They simply carry too many risks for the owner and few benefits. They often lead to cost overruns and disputes over money. Its better to nail down as many costs as possible before starting the job and get a fixed bid.
Related links
Haw. Code R. 3-125-13 - Price adjustment for construction
Any adjustment in contract price pursuant to a clause in this contract shall be made in one or more of the following ways: (A) By agreement on a fixed price
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