The Cost Plus Contract Form is primarily utilized in situations where project scope or costs cannot be accurately estimated at the outset. Common in government contracts and complex projects, this agreement type provides flexibility while maintaining cost control through detailed reporting requirements. The document, governed by U.S. law, typically includes provisions for cost verification, profit calculation, and performance incentives. This contract type is particularly relevant when project specifications may change during execution or when risks are too high for fixed-price arrangements.
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1. Parties: Identification and details of the contracting parties
2. Background: Context and purpose of the contract
3. Definitions: Key terms used throughout the contract
4. Scope of Work: Detailed description of services or work to be performed
5. Cost Structure: Definition of allowable costs and payment terms
6. Fee Arrangement: Specification of the contractor's fee structure
7. Payment Terms: Detailed payment procedures, timing, and conditions
8. Accounting and Audit Rights: Requirements for cost accounting and client audit rights
9. Term and Termination: Duration of the contract and termination provisions
10. General Provisions: Standard contract clauses including governing law, notices, and amendments
1. Performance Incentives: Additional fee provisions based on performance metrics - used when specific performance targets are critical to project success
2. Cost Sharing: Provisions for sharing cost overruns or savings - used when risk sharing between parties is desired
3. International Considerations: Provisions for international work and currency considerations - used when work involves international elements
4. Government Contracting Requirements: Specific provisions required for government contracts - used when the contract involves government work
5. Subcontractor Requirements: Provisions governing the use and management of subcontractors - used when subcontracting is anticipated
1. Schedule A - Detailed Cost Breakdown: Itemized list of anticipated costs and their categories
2. Schedule B - Fee Calculation Method: Detailed explanation of how fees will be calculated
3. Schedule C - Required Reports: List and format of required cost reporting
4. Schedule D - Rate Sheet: Agreed labor rates and overhead calculations
5. Appendix 1 - Cost Accounting Standards: Applicable accounting standards and procedures
6. Appendix 2 - Required Forms and Templates: Standard forms for cost reporting and change orders
Relevant legal definitions
Actual Cost
Allowable Costs
Base Fee
Contract Price
Cost Plus Fee
Direct Costs
Effective Date
Fixed Fee
Incentive Fee
Indirect Costs
Maximum Price
Overhead Costs
Performance Metrics
Project
Project Schedule
Reimbursable Costs
Scope of Work
Services
Target Cost
Time and Materials
Unallowable Costs
Work Product
Change Order
Cost Records
Fee Structure
General and Administrative Expenses
Labor Rates
Material Costs
Progress Reports
Subcontractor
Allowable Costs
Base Fee
Contract Price
Cost Plus Fee
Direct Costs
Effective Date
Fixed Fee
Incentive Fee
Indirect Costs
Maximum Price
Overhead Costs
Performance Metrics
Project
Project Schedule
Reimbursable Costs
Scope of Work
Services
Target Cost
Time and Materials
Unallowable Costs
Work Product
Change Order
Cost Records
Fee Structure
General and Administrative Expenses
Labor Rates
Material Costs
Progress Reports
Subcontractor
Clauses
Cost Determination
Fee Structure
Payment Terms
Cost Verification and Audit Rights
Reporting Requirements
Record Keeping
Change Orders
Performance Standards
Incentive Provisions
Project Schedule
Scope of Work
Cost Control Measures
Subcontracting
Labor Rates
Overhead Calculation
Insurance Requirements
Indemnification
Confidentiality
Intellectual Property
Termination Rights
Dispute Resolution
Force Majeure
Warranties
Compliance with Laws
Health and Safety
Environmental Compliance
Quality Control
Risk Allocation
Progress Monitoring
Cost Sharing
Limitation of Liability
Assignment and Delegation
Notices
Governing Law
Amendment Procedures
Fee Structure
Payment Terms
Cost Verification and Audit Rights
Reporting Requirements
Record Keeping
Change Orders
Performance Standards
Incentive Provisions
Project Schedule
Scope of Work
Cost Control Measures
Subcontracting
Labor Rates
Overhead Calculation
Insurance Requirements
Indemnification
Confidentiality
Intellectual Property
Termination Rights
Dispute Resolution
Force Majeure
Warranties
Compliance with Laws
Health and Safety
Environmental Compliance
Quality Control
Risk Allocation
Progress Monitoring
Cost Sharing
Limitation of Liability
Assignment and Delegation
Notices
Governing Law
Amendment Procedures
Relevant Industries
Relevant Teams
Relevant Roles
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