Cost reimbursable contract - Revision history

Designing Buildings at 10:19, 30 October 2023

2023-10-30T10:19:27Z

← Older revision		Revision as of 10:19, 30 October 2023
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	* Cost + Fixed Fee with Guaranteed Maximum Price Contract – Contractor will be entitled to Cost and Fixed fee as a profit, But the cost of the project should not exceed the agreed amount		* Cost + Fixed Fee with Guaranteed Maximum Price Contract – Contractor will be entitled to Cost and Fixed fee as a profit, But the cost of the project should not exceed the agreed amount

−	= Related articles =	+	= Related articles on Designing Buildings =

	* Admeasurement.		* Admeasurement.

Designing Buildings: Reverted edits by 217.42.28.74 (talk) to last revision by Designing Buildings

2022-03-29T12:53:58Z

Reverted edits by 217.42.28.74 (talk) to last revision by Designing Buildings

← Older revision		Revision as of 12:53, 29 March 2022
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	A cost reimbursable contract might be used where the nature or scope of the work to be carried out cannot be properly defined at the outset, and the risks associated with the works are high, such as, emergency work (for example, urgent alteration or repair work, or if there has been a building failure or a fire requiring immediate reconstruction or replacement of a building so that the client can continue to operate their business). Tendering may proceed based on an outline specification, any drawings and an estimate of costs.		A cost reimbursable contract might be used where the nature or scope of the work to be carried out cannot be properly defined at the outset, and the risks associated with the works are high, such as, emergency work (for example, urgent alteration or repair work, or if there has been a building failure or a fire requiring immediate reconstruction or replacement of a building so that the client can continue to operate their business). Tendering may proceed based on an outline specification, any drawings and an estimate of costs.

−	This is a high risk form of contracting for the client as the final cost is not known when the contract is entered into (i.e. there is no contract sum). hi	+	This is a high risk form of contracting for the client as the final cost is not known when the contract is entered into (i.e. there is no contract sum).

	The costs for which the contractor is entitled to be reimbursed must be set out very clearly in the contract. This is a complex procedure that needs to be carefully considered, as whilst some direct costs may be relatively straight forward to determine, whilst other ‘shared’ costs, might not.		The costs for which the contractor is entitled to be reimbursed must be set out very clearly in the contract. This is a complex procedure that needs to be carefully considered, as whilst some direct costs may be relatively straight forward to determine, whilst other ‘shared’ costs, might not.

217.42.28.74 at 11:07, 29 March 2022

2022-03-29T11:07:30Z

← Older revision		Revision as of 11:07, 29 March 2022
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	A cost reimbursable contract might be used where the nature or scope of the work to be carried out cannot be properly defined at the outset, and the risks associated with the works are high, such as, emergency work (for example, urgent alteration or repair work, or if there has been a building failure or a fire requiring immediate reconstruction or replacement of a building so that the client can continue to operate their business). Tendering may proceed based on an outline specification, any drawings and an estimate of costs.		A cost reimbursable contract might be used where the nature or scope of the work to be carried out cannot be properly defined at the outset, and the risks associated with the works are high, such as, emergency work (for example, urgent alteration or repair work, or if there has been a building failure or a fire requiring immediate reconstruction or replacement of a building so that the client can continue to operate their business). Tendering may proceed based on an outline specification, any drawings and an estimate of costs.

−	This is a high risk form of contracting for the client as the final cost is not known when the contract is entered into (i.e. there is no contract sum).	+	This is a high risk form of contracting for the client as the final cost is not known when the contract is entered into (i.e. there is no contract sum). hi

	The costs for which the contractor is entitled to be reimbursed must be set out very clearly in the contract. This is a complex procedure that needs to be carefully considered, as whilst some direct costs may be relatively straight forward to determine, whilst other ‘shared’ costs, might not.		The costs for which the contractor is entitled to be reimbursed must be set out very clearly in the contract. This is a complex procedure that needs to be carefully considered, as whilst some direct costs may be relatively straight forward to determine, whilst other ‘shared’ costs, might not.

Designing Buildings at 06:15, 2 September 2021

2021-09-02T06:15:48Z

← Older revision		Revision as of 06:15, 2 September 2021
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	* Cost + Fixed Fee with Guaranteed Maximum Price Contract – Contractor will be entitled to Cost and Fixed fee as a profit, But the cost of the project should not exceed the agreed amount		* Cost + Fixed Fee with Guaranteed Maximum Price Contract – Contractor will be entitled to Cost and Fixed fee as a profit, But the cost of the project should not exceed the agreed amount

−	~~= Find out more =~~	+	= Related articles =
−		+
−	=== Related articles ~~on Designing Buildings Wiki ==~~=	+

	* Admeasurement.		* Admeasurement.

Designing Buildings: Reverted edits by 118.100.91.235 (talk) to last revision by Designing Buildings

2021-07-14T05:42:01Z

Reverted edits by 118.100.91.235 (talk) to last revision by Designing Buildings

← Older revision		Revision as of 05:42, 14 July 2021
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	* [https://quantitysurveyor.blog/2019/09/04/cost-reimbursable-remeasured-unit-price-contract-cost-plus/ COST REIMBURSABLE CONTRACT /RE MEASURABLE CONTRACTS / UNIT PRICE CONTRACTS/COST PLUS CONTRACTS-Quantity Surveyor Blog]		* [https://quantitysurveyor.blog/2019/09/04/cost-reimbursable-remeasured-unit-price-contract-cost-plus/ COST REIMBURSABLE CONTRACT /RE MEASURABLE CONTRACTS / UNIT PRICE CONTRACTS/COST PLUS CONTRACTS-Quantity Surveyor Blog]

−	~~[[Category:Articles_needing_more_work]]~~ [[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Contracts_/_payment]] [[Category:Procurement]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Contracts_/_payment]] [[Category:Procurement]]

118.100.91.235 at 03:33, 14 July 2021

2021-07-14T03:33:06Z

← Older revision		Revision as of 03:33, 14 July 2021
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	* [https://quantitysurveyor.blog/2019/09/04/cost-reimbursable-remeasured-unit-price-contract-cost-plus/ COST REIMBURSABLE CONTRACT /RE MEASURABLE CONTRACTS / UNIT PRICE CONTRACTS/COST PLUS CONTRACTS-Quantity Surveyor Blog]		* [https://quantitysurveyor.blog/2019/09/04/cost-reimbursable-remeasured-unit-price-contract-cost-plus/ COST REIMBURSABLE CONTRACT /RE MEASURABLE CONTRACTS / UNIT PRICE CONTRACTS/COST PLUS CONTRACTS-Quantity Surveyor Blog]

−	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Contracts_/_payment]] [[Category:Procurement]]	+	[[Category:Articles_needing_more_work]] [[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Contracts_/_payment]] [[Category:Procurement]]

Designing Buildings at 06:56, 30 August 2020

2020-08-30T06:56:35Z

← Older revision		Revision as of 06:56, 30 August 2020
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	* [https://quantitysurveyor.blog/2019/09/04/cost-reimbursable-remeasured-unit-price-contract-cost-plus/ COST REIMBURSABLE CONTRACT /RE MEASURABLE CONTRACTS / UNIT PRICE CONTRACTS/COST PLUS CONTRACTS-Quantity Surveyor Blog]		* [https://quantitysurveyor.blog/2019/09/04/cost-reimbursable-remeasured-unit-price-contract-cost-plus/ COST REIMBURSABLE CONTRACT /RE MEASURABLE CONTRACTS / UNIT PRICE CONTRACTS/COST PLUS CONTRACTS-Quantity Surveyor Blog]

−	[[Category:~~Articles_needing_more_work~~]] [[Category:Contracts_/_payment]] [[Category:Procurement]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Contracts_/_payment]] [[Category:Procurement]]

217.165.26.74 at 05:32, 5 September 2019

2019-09-05T05:32:08Z

← Older revision		Revision as of 05:32, 5 September 2019
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	NB: JCT suggest that a prime cost contract, cost plus and cost reimbursable contract are in fact the same thing. Others consider that a prime cost contract is one in which the cost of works packages (the prime cost) are reimbursed, but the main contractor takes a risk on staffing, overhead costs and profit which might be tendered on a fixed price.		NB: JCT suggest that a prime cost contract, cost plus and cost reimbursable contract are in fact the same thing. Others consider that a prime cost contract is one in which the cost of works packages (the prime cost) are reimbursed, but the main contractor takes a risk on staffing, overhead costs and profit which might be tendered on a fixed price.
		+
		+	There are three types of cost reimbursable methods used in the construction industry.
		+
		+	* Cost + Fixed Percentage Contract – Contractor will be entitled to Cost and profit percentage as agreed before.
		+	* Cost + Fixed Fee Contract – Contractor will be entitled to Cost and Fixed fee as a profit
		+	* Cost + Fixed Fee with Guaranteed Maximum Price Contract – Contractor will be entitled to Cost and Fixed fee as a profit, But the cost of the project should not exceed the agreed amount

	= Find out more =		= Find out more =
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	* [http://www.icevirtuallibrary.com/content/book/100633 Option E of the NEC3 Engineering and Construction Contract].		* [http://www.icevirtuallibrary.com/content/book/100633 Option E of the NEC3 Engineering and Construction Contract].
		+	* [https://quantitysurveyor.blog/2019/09/04/cost-reimbursable-remeasured-unit-price-contract-cost-plus/ COST REIMBURSABLE CONTRACT /RE MEASURABLE CONTRACTS / UNIT PRICE CONTRACTS/COST PLUS CONTRACTS-Quantity Surveyor Blog]

−	[[Category:Contracts_/_payment]] [[Category:Procurement]]	+	[[Category:Articles_needing_more_work]] [[Category:Contracts_/_payment]] [[Category:Procurement]]

Editor at 14:51, 22 August 2018

2018-08-22T14:51:52Z

← Older revision		Revision as of 14:51, 22 August 2018
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−	A cost reimbursable contract (sometimes called a cost plus contract) is one in which the contractor is reimbursed the actual costs they incur in carrying out the works, plus an additional fee. [~~http~~:~~//www.icevirtuallibrary.com/content/book/100633~~ Option E of the NEC3 Engineering and Construction Contract] (ECC) is an example of a cost reimbursable contract.	+	A cost reimbursable contract (sometimes called a cost plus contract) is one in which the contractor is reimbursed the actual costs they incur in carrying out the works, plus an additional fee. [[NEC_Option_E:_Cost_reimbursable_contract\|Option E of the NEC3 Engineering and Construction Contract (ECC)]] is an example of a cost reimbursable contract.

	A cost reimbursable contract might be used where the nature or scope of the work to be carried out cannot be properly defined at the outset, and the risks associated with the works are high, such as, emergency work (for example, urgent alteration or repair work, or if there has been a building failure or a fire requiring immediate reconstruction or replacement of a building so that the client can continue to operate their business). Tendering may proceed based on an outline specification, any drawings and an estimate of costs.		A cost reimbursable contract might be used where the nature or scope of the work to be carried out cannot be properly defined at the outset, and the risks associated with the works are high, such as, emergency work (for example, urgent alteration or repair work, or if there has been a building failure or a fire requiring immediate reconstruction or replacement of a building so that the client can continue to operate their business). Tendering may proceed based on an outline specification, any drawings and an estimate of costs.
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	* Interim certificate.		* Interim certificate.
	* Key dates.		* Key dates.
		+	* NEC Option E: Cost reimbursable contract.
	* NEC3.		* NEC3.
	* Open-book accounting.		* Open-book accounting.
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	* Target cost.		* Target cost.
	* Tender.		* Tender.
−	* [[Time_and_material_contract_(T&M)\|Time and material contract (T&M).]]	+	* [[Time_and_material_contract_(T%26M)\|Time and material contract (T&M).]]

	=== External references ===		=== External references ===

Editor at 14:28, 12 July 2018

2018-07-12T14:28:06Z

← Older revision		Revision as of 14:28, 12 July 2018
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	* Target cost.		* Target cost.
	* Tender.		* Tender.
−	* Time and material contract (T&M).	+	* [[Time_and_material_contract_(T&M)\|Time and material contract (T&M).]]

	=== External references ===		=== External references ===