What does cost-plus contract mean?
Definitions for cost-plus contract
cost-plus con·tract
This dictionary definitions page includes all the possible meanings, example usage and translations of the word cost-plus contract.
Princeton's WordNet
cost-plus contractnoun
a contract in which the contractor is paid his total cost plus a stated percentage of profit
Wikipedia
Cost-plus contract
A cost-plus contract, also termed a cost plus contract, is a contract such that a contractor is paid for all of its allowed expenses, plus additional payment to allow for a profit. Cost-reimbursement contracts contrast with fixed-price contract, in which the contractor is paid a negotiated amount regardless of incurred expenses.
ChatGPT
cost-plus contract
A cost-plus contract is a type of agreement where a contractor is paid for all of its allowed expenses, plus additional payment to allow for a profit. This contract is intended to cover the costs of a project, plus an additional amount to serve as a profit to the contractor. It provides the purchaser a closer control over the cost of the completed project, and it can influence the contractor to maintain good quality and timeliness since their profit would be determined by their performance as well.
Wikidata
Cost-plus contract
A cost-plus contract, also termed a cost reimbursement contract, is a contract where a contractor is paid for all of its allowed expenses to a set limit plus additional payment to allow for a profit. Cost-reimbursement contracts contrast with fixed-price contract, in which the contractor is paid a negotiated amount regardless of incurred expenses. Cost-plus contracts first came into use in the United States during the World Wars to encourage wartime production by large American companies.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of cost-plus contract in Chaldean Numerology is: 3
Pythagorean Numerology
The numerical value of cost-plus contract in Pythagorean Numerology is: 3
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"cost-plus contract." Definitions.net. STANDS4 LLC, 2024. Web. 25 Apr. 2024. <https://www.definitions.net/definition/cost-plus+contract>.
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