Cost Plus Contract Form for Singapore

Cost Plus Contract Form Template for Singapore

A Cost Plus Contract Form under Singapore law is a comprehensive agreement that establishes a payment structure where the contractor is reimbursed for all allowed costs plus an agreed-upon fee or percentage. This document, governed by Singapore's Contract Law and Building and Construction Industry Security of Payment Act, details the cost components, markup calculations, audit rights, and project execution requirements. It includes provisions for quality control, timeline management, and dispute resolution mechanisms specific to Singapore's legal framework.

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What is a Cost Plus Contract Form?

The Cost Plus Contract Form is utilized when project costs cannot be accurately predetermined or when flexibility is needed in project scope. This contract type, common in Singapore's construction and engineering sectors, provides transparency in cost management while ensuring fair compensation for contractors. The document aligns with Singapore's regulatory requirements and includes essential provisions for cost verification, quality standards, and project management. It's particularly suitable for complex projects where scope may evolve during execution.

What sections should be included in a Cost Plus Contract Form?

1. Parties: Identification of contracting parties, including full legal names and addresses

2. Background: Context of the agreement and brief project overview

3. Definitions: Key terms used throughout the contract, including cost definitions

4. Scope of Work: Detailed description of the work to be performed

5. Cost Structure: Definition of allowable costs, markup calculation, and fee determination

6. Payment Terms: Billing procedures, payment schedule, and documentation requirements

7. Project Timeline: Project schedule, milestones, and completion dates

8. Quality Standards: Performance requirements and quality control measures

9. Audit Rights: Client's rights to audit costs and records

10. Governing Law: Specification of Singapore law and jurisdiction

What sections are optional to include in a Cost Plus Contract Form?

1. Performance Bond: Requirements for performance security when required for high-value projects or by client request

2. Foreign Labor: Provisions regarding foreign worker employment when project involves foreign workers

3. Environmental Compliance: Environmental protection measures for projects with environmental impact

4. Intellectual Property: IP rights and ownership provisions when design or innovative solutions are involved

What schedules should be included in a Cost Plus Contract Form?

1. Schedule of Rates: Detailed breakdown of labor, material, and equipment rates

2. Project Specifications: Technical specifications and requirements

3. Insurance Requirements: Details of required insurance coverage

4. Quality Control Plan: Detailed quality assurance procedures

5. Cost Reporting Template: Standard format for cost reporting and documentation

6. Change Order Procedures: Process and forms for handling variations

7. Safety Requirements: Safety standards and procedures

8. Subcontractor List: Approved subcontractors and their scope

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Construction
Engineering
Manufacturing
Real Estate Development

Relevant Teams

Legal
Finance
Operations
Procurement
Quality Control
Commercial
Project Management

Relevant Roles

Project Director
Construction Manager
Contract Administrator
Commercial Manager
Procurement Manager
Quantity Surveyor
Cost Engineer

Industries

Contract Law (Chapter 53): Primary legislation governing contract formation, enforcement, and remedies in Singapore

Building and Construction Industry Security of Payment Act (SOPA): Legislation ensuring prompt payment in the building and construction industry, facilitating cash flow

Companies Act (Chapter 50): Regulates corporate entities and their capabilities to enter into contracts

Goods and Services Tax Act: Tax implications and requirements for construction contracts and services

Employment Act (Chapter 91): Governs employment terms and conditions for workers involved in the project

Work Injury Compensation Act: Covers compensation for workplace injuries and safety requirements

Central Provident Fund Act: Mandatory social security savings scheme for local workers

Employment of Foreign Manpower Act: Regulations regarding employment of foreign workers in construction projects

Building Control Act: Regulates building works and construction standards in Singapore

Building Maintenance and Strata Management Act: Governs maintenance and management of buildings and common property

Construction Industry Development Board Act: Regulates and develops the construction industry in Singapore

Workplace Safety and Health Act: Ensures safety, health, and welfare of persons at workplaces

BCA Guidelines: Building and Construction Authority's guidelines for construction projects and contracts

PSSCOC: Public Sector Standard Conditions of Contract for government construction projects

SIA Standard Forms: Singapore Institute of Architects' standard forms and guidelines for construction contracts

Personal Data Protection Act 2012: Governs collection, use, and disclosure of personal data in Singapore

Competition Act: Promotes competition and prevents anti-competitive practices in business

Limitation Act: Sets time limits for various types of legal claims and actions

Electronic Transactions Act: Provides legal framework for electronic contracts and signatures

Common Law Principles: Includes doctrine of consideration, contract formation rules, variation principles, and breach remedies

Cost Plus Contract Requirements: Specific elements including cost definition, fee structure, audit rights, change orders, dispute resolution, risk allocation, insurance, performance standards, project timeline, and termination clauses

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What is a Cost Plus Contract Form?

What sections should be included in a Cost Plus Contract Form?

What sections are optional to include in a Cost Plus Contract Form?

What schedules should be included in a Cost Plus Contract Form?

Authors

Alex Denne

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Document Type

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