Construction Contract Cost Plus or Fixed Fee - District of Columbia: Fill out & sign online

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Click ‘Get Form’ to open it in the editor.
Begin by filling in the Contractor's name, license number, and address at the top of the form. This identifies who will be performing the work.
Next, enter the Owner's name and address. This section establishes who is hiring the Contractor for the project.
In the 'SCOPE OF WORK' section, describe the project details including labor and materials required. Ensure this aligns with any attached drawings or specifications.
Specify the 'WORK SITE' location clearly to avoid any confusion regarding where the project will take place.
Fill in the 'TIME OF COMPLETION' dates to set clear expectations for when work will start and finish.
Choose between 'COST PLUS' or 'FIXED FEE' payment structures and fill in relevant amounts. This defines how payments will be made throughout the project.
Review all sections for accuracy before signing. Ensure both parties sign and date at the end of the document to finalize your agreement.

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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.

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 a fixed price contract and a cost-plus contract?

In cost-plus contracts, contractors receive reimbursement for all allowable costs plus a profit margin, thus the buyer takes on more risk, particularly of cost overruns. Conversely, fixed-price contracts shift the risk to the contractor, as they must complete the project within the agreed-upon sum.

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

Main points: Fixed Price: Predictable budget, less flexibility. Cost-Plus: Greater flexibility, variable cost. Both: Require clear communication, change management processes.

What are the three types of fixed price contracts?

Firm fixed-price (FFP) The most common fixed-price contract. Fixed-price incentive fee (FPIF) In this type of contract, the buyer and seller share some risk and can both benefit from the seller out-performing agreed-upon metrics. Fixed-price with economic price adjustment (FP-EPA)