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Construction Contract Cost Plus or Fixed Fee - Mississippi

Construction Contract Cost Plus or Fixed Fee - Mississippi 2025

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This document is a construction contract between a Contractor and an Owner, outlining the scope of work, project site, completion timeline, payment terms, insurance requirements, and conditions for changes to the project. It includes provisions for permits, soil conditions, late payments, destruction or damage to the project, assignment of the contract, and warranty limitations. The contract emphasizes that any modifications must be in writing and signed by both parties.

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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.

Is cost-plus percentage of cost illegal?

A form of contract formerly used but now illegal for use by DoD that provided for a fee or profit as a specified percentage of the contractors actual cost of accomplishing the work to be performed. Sometimes referred to as a cost plus or percentage of cost 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 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.

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 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.

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.

Construction Contract Cost Plus or Fixed Fee - Mississippi 2025

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