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Cost plus fixed fee contract advantages and disadvantages

Construction Contract Cost Plus or Fixed Fee - Indiana 2026

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This document is a Construction Contract between a Contractor and an Owner, outlining the terms for the construction of a project. It details the scope of work, work site, time of completion, permits, soil conditions, insurance requirements, changes to the scope of work, payment structure, late payment penalties, destruction and damage clauses, assignment restrictions, and warranty provisions. The contract emphasizes that any modifications must be in writing and signed by both parties. Additionally, it includes cancellation rights for the Owner under certain conditions.

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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, in the designated fields.
In the 'SCOPE OF WORK' section, describe the project specifics, ensuring to reference any drawings or specifications attached.
Specify the 'WORK SITE' address clearly, allowing for accurate identification of where the project will take place.
Set a timeline for completion by entering start and end dates in the 'TIME OF COMPLETION' section.
Indicate whether you are using a 'COST PLUS' or 'FIXED FEE' payment structure and fill in the corresponding amounts.
Review all sections for accuracy before signing. Ensure both parties sign and date at the bottom of the contract.

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

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.

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