What is the definition of a cost-plus contract?

Answer Cost-plus contracts, also known as cost-reimbursement contracts, are proposals made between businesses for certain projects or jobs. Businesses frequently use cost-plus contracts in bidding situati... Read More »

Top Q&A For: What is the definition of a cost-plus contract

What is a cost plus award fee completion contract?

A cost-plus-award-fee contract is a payment structure where the U.S. government will pay a contractor a fixed base amount (which may be zero) at the start of a project plus an additional "award amo... Read More »

How would you describe a cost-plus contract?

Often the federal government issues contracts to the private sector on a cost-plus basis; that is, all the actual costs incurred to complete a contract plus a percentage of profit is reimbursed to ... Read More »

What is the definition of a legal contract?

A legal contract is an agreement between parties, written or verbal, that can be enforced in court. In order for a contract to be legal, it must meet certain criteria. Parties involved must agree t... Read More »

What is the definition of contract administration?

Businesses in any industry are driven by contracts. Since contracts are such pertinent documents, many organizations have contract administration departments to oversee the many administrative duti... Read More »