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What is a 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 does cost-plus 10% mean?

Cost plus is about as simple as it sounds. Retailers set shelf pricing for every item in the store at their cost the item, transportation and warehousing costs and labor to get it on the shelf and simply charge consumers 10% of their total basket at checkout.

What is fixed fee contract in construction?

A fixed-price contract is a contract where the agreed-upon price for the job is unchanged throughout the project. It doesnt matter if more time, materials or labor must be used than first estimated, the price stays the same. Its one of the more straightforward construction contracts.

What is an advantage of a fixed-price contract?

The benefits of fixed-price contracts are that they come with a pricing guarantee. So long as the project doesnt go beyond the defined scope of tasks and responsibilities, the price wont change. These contracts typically provide a well-defined process complete with specific phases and deadlines.

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

Budget: A fixed-price contract is just that: fixed. The agreed-on price at the beginning of the project is the price at the end. Conversely, a cost-plus contract estimates a projects costs but doesnt set the final price until the project is completed.

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