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Construction Contract Cost Plus or Fixed Fee - Florida 2025

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The document outlines Florida's Construction Lien Law, which allows unpaid contractors, subcontractors, and material suppliers to file liens against a property for unpaid services or materials. It emphasizes the importance of obtaining written releases of lien before making payments to contractors. Additionally, it includes details about a construction contract between a contractor and an owner, covering aspects such as scope of work, payment terms, changes to the project, insurance requirements, and legal rights regarding cancellations and disputes.

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What is a potential problem with a simple cost-plus contract?

One potential risk of a cost-plus contract is the potential for higher costs than initially anticipated. Since the total cost is determined by the contractors expenses, owners may end up paying more than expected, especially if there are unexpected or unplanned costs during the project.

What are the disadvantages of a cost-plus fee contract?

What are the advantages and disadvantages of a cost-plus 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.

How do you protect yourself in a cost-plus contract?

How Do You Protect Yourself in a Cost-Plus Contract? Set a Guaranteed Maximum Price (GMP): Limit total spending so that even if costs rise, they wont exceed a set maximum. Define Allowed Costs: Clearly specify which expenses will be reimbursed and which will not.

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

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.

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What percentage do contractors charge for cost-plus?

Cost plus a percentage of cost is a method of pricing contractors use when drafting contracts with clients when they cannot provide a final cost at the time of the contract. These contracts specify how they can determine the cost of the project is without calculating the cost.

What are the advantages and disadvantages of cost-plus pricing?

It allows for easily calculating the minimum price that will cover all costs and ensure the desired profitability. However, despite its simplicity and clarity, the cost-plus pricing model has certain limitations, as it does not take into account changes in demand, competitor behavior, or customer price sensitivity.

Construction Contract Cost Plus or Fixed Fee - Florida 2025

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What is a potential problem with a simple cost-plus contract?

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When to use cost-plus fixed fee?

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