Canada Standard Construction Document CCDC 3 Cost Plus Contract 2016-2025 free printable template

1Standard Construction Document CCC 3 (2016) Cost Plus Contract Project..................................................................................................................... SUPPLEMENTARY

How to fill out Canada Standard Construction Document CCDC 3

How to fill out cost plus contract

1. Read the contract thoroughly to understand its terms and conditions.
2. Identify the cost elements that will be reimbursed under the contract.
3. Keep accurate records of all costs incurred during the project.
4. Calculate the contractor's fee, which is usually a fixed percentage of the total costs.
5. Prepare monthly cost reports to track the progress of the project and the associated costs.
6. Submit the cost reports to the client for approval and reimbursement.
7. Ensure that all costs claimed are reasonable and supported by documentation.
8. Maintain transparency and communicate effectively with the client to avoid disputes.
9. Resolve any disagreements or change orders through negotiation or mediation.
10. Complete the project and provide a final cost statement for review and payment.

Who needs cost plus contract?

1. Government agencies that want to have control over project costs and minimize risk.
2. Construction companies that prefer reimbursement for actual costs incurred.
3. Clients who require flexibility in project scope and want to include additional work.
4. Projects with uncertain or unpredictable requirements and scope changes.
5. Clients who want more transparency in the project's financial aspects.
6. Projects where the contractor's fee is reasonable and justified by the actual costs.

People Also Ask about

What is difference between CCDC 5A and 5B?

*CCDC 5A is an example of a more traditional CM Agreement; CCDC 5B is an example of a CM-at-Risk Agreement.

What are the two basic types of construction contract types?

Here are four main construction contracts to choose from, plus their pros and cons: Lump-Sum Contracts. Cost-Plus-Fee Contracts. Guaranteed Maximum Price Contracts. Unit-Price Contracts.

What form of contract is CCDC 3?

The Cost-Plus Contract (CCDC3 – 2016) model is used where the work will be performed by the contractor on an actual-cost basis, plus a percentage or fixed fee that is applied above the actual costs to pay the contractor for its work on the project.

What are the different types of CCDC contracts?

Contract Types CCDC 2 – Stipulated Price Contract. CCDC 3 – Cost Plus Contract. CCDC 5A – Construction Management Contract - for Services. CCDC 5B – Construction Management Contract - for Services & Construction. CCDC 14 - Design-Build Stipulated Price Contract.

What are the 4 different types of building contracts?

What are the types of Construction Contracts? Lump Sum Contract. Cost Plus. Contract. Small Jobs. Contract. Large Jobs Contract.

What is a CCDC 2 contract?

CCDC 2 – Stipulated Price Contract is the industry standard prime contract between Owner and prime Contractor. This contract establishes a single, pre-determined fixed price, or lump sum, for the project.

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What is cost plus contract?

A cost plus contract is a type of contract where the buyer agrees to pay the seller the cost of the work done plus a pre-determined profit margin.

Who is required to file cost plus contract?

The parties involved in the cost plus contract, such as the buyer and seller, are required to file the contract.

How to fill out cost plus contract?

The cost plus contract should be filled out with details of the work to be done, the cost of the work, the profit margin, and any other relevant terms and conditions.

What is the purpose of cost plus contract?

The purpose of a cost plus contract is to ensure that the seller is reimbursed for the actual cost of the work done and also receives a fair profit margin.

What information must be reported on cost plus contract?

The cost plus contract should include details of the work to be done, the cost of the work, the profit margin, payment terms, and any other relevant information.