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- A cost-plus contract is a construction agreement that requires reimbursement for project costs as well as a markup that covers the contractor’s overhead and profit12. In other words, the name is a short-hand way of remembering what the contract covers: project costs plus contractor markup1. Cost-plus contracts are often used in construction when the budget is restricted or when there is a high probability that actual costs might be less than anticipated2.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.A cost-plus contract is a construction agreement that requires reimbursement for project costs as well as a markup that covers the contractor’s overhead and profit. In other words, the name is a short-hand way of remembering what the contract covers: project costs plus contractor markup.www.procore.com/library/cost-plus-contracts
In a cost-plus contract, one party agrees to reimburse the contracting party for expenses plus a specified profit proportional to the full value of the contract. Cost-plus contracts are often used in construction when the budget is restricted or when there is a high probability that actual costs might be less than anticipated.
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