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- Click ‘Get Form’ to open the Addendum D Cost Plus Contract in the editor.
- Begin by entering the date of the addendum at the top of the document, ensuring it reflects the current date.
- Fill in the Owner(s) name and property address in the designated fields to establish clear identification.
- In section 3, specify the Contractor's fee percentage that will be applied to total project costs.
- Review and select applicable documents listed in section 4 that outline the scope of work, striking through any that do not apply.
- Ensure all financial management records are maintained as per section 7, allowing for transparency between Owner and Contractor.
- Complete sections for signatures at the end of the document, ensuring both parties acknowledge receipt and understanding of this addendum.
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What is a cost-plus contract clause?
A cost-plus contract is a pricing agreement where the client agrees to pay the actual costs of a project plus an additional fee or percentage for the contractors profit. Its ideal for projects with lots of unknowns and where parties need flexibility and transparency.
How does a cost-plus contract work?
A cost-plus contract reimburses contractors for project costs plus either a percentage or fixed fee, which they take as profit. This type of contract is favored by contractors because of the flexibility they offer. This makes them ideal for projects where the scope is unclear and subject to change.
Who pays for mistakes in a cost-plus contract?
In a cost-plus contract, the customer pays for the actual labor and material cost to build the house, plus a fee to the builder to manage the process. Since mistakes are part of the process, the customer pays for the mistake (assuming the cause isnt blatant negligence by the contractor or builder).
What do builders charge for cost-plus contracts?
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.
Why would you use 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.
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What is an example of a cost-plus clause?
Example of a cost-plus clause The Buyer agrees to pay the Seller for the cost of materials and labor used in the project, plus an additional 15% markup to cover overhead and profit. The total amount shall be invoiced monthly, and payment will be due within 30 days of receipt of the invoice.