An agreement between two parties whereby one party promises to reimburse the other party for the costs incurred and any additional profit after the completion of the project is called a cost-plus contract. Moreover, the profit amount is usually a predefined rate. It is usually 10% -20% of ...
Noun1.cost-plus contract- a contract in which the contractor is paid his total cost plus a stated percentage of profit contract- a binding agreement between two or more persons that is enforceable by law Based on WordNet 3.0, Farlex clipart collection. © 2003-2012 Princeton University, Far...
This type of contractual agreement is very flexible and the contractor usually delivers better product and service. It also promotes a positive relationship between the buyer and seller as good performance is rewarded. On the other hand, this is not a preferred contracting method when regulating org...
A cost-plus contract is a construction agreement that requiresreimbursement for project costsas well as amarkup that covers the contractor’s overhead and profit. In other words, the name is a short-hand way of remembering what the contract covers: project costs plus contractor markup. ...
cost-plus-fee agreement An agreement under which the contractor (in anowner-contractor agreement) or the architect (in anowner-architect agreement) is reimbursed for his direct and indirect costs and, in addition, is paid a fee for his services. The fee is usually stated as a stipulated sum...
Cost-Plus Contracts Cost-plus pricing cost-plus-fee agreement cost-plus-percentage contract cost-plusly cost-pull inflation cost-push Cost-Push Inflation Cost-Push Inflation Cost-Reducing Health Care Technologies Cost-Risk Identification and Management System ...
James E. Diekmann.Cost-plus contractor selection: An analytical method. Engineering Costs and Production Economics . 1983 James E. Diekmann (1981), "Cost-Plus Contractor Selection: A Case Study", Journal of the Technical Councils of ASCE, Vol. 107, No. 1, pp. 13-25Diekmann J E....
The methodology uses the concepts of decision theory, utility theory and value theory to model the performance potential of contractors competing for a cost-plus contract. Two models are formulated; the first, the worth model, is a deterministic representation of a contractor's performance potential...
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A cost-plus contract is an agreement made between a project owner and a contractor to reimburse the contractor for expenses incurred andto add a specific, additional payment for their profit. This profit is usually stated as a percentage of the contract’s full price. These types of contracts ...