Asked by
Alley Rudder
on Oct 19, 2024
Verified
A _____ is a contract that covers all allowable expenses and pays the contractor for all allowable costs with an additional amount to cover the contractor's fee.
A) cost plus contract
B) fixed-price contract
C) no-bid contract
D) collateral contract
E) quasi-contract
Cost Plus Contract
A type of contract where the buyer agrees to pay the seller all project costs, plus an additional amount or percentage as profit.
Allowable Expenses
Costs that are recognized under the provisions of a contract or agreement as reimbursable or claimable.
Contractor's Fee
The payment made to a contractor for their services, typically a percentage of the total cost of a construction project.
- Attain an understanding of the various contracts available for projects and how they affect the project management process.
Verified Answer
AI
Learning Objectives
- Attain an understanding of the various contracts available for projects and how they affect the project management process.