Cost reimbursement contract is also known as the Cost-plus contracts. Unlike the fixed price contracts, quantities are not prefixed in the cost-reimbursable contracts. The contractor is valuing the project based on the Drawings & specs given by the consultants or client. The final value of the project will be agreed upon based on these documents.Continue reading “Cost reimbursement contract/Cost plus Contracts”
Tag Archives: Cost Reimbursement Contract
Procurement methods in Construction/ types of contracts
What is procurement means to the construction industry? Meaning of Procurement in everyday language is the action of acquiring or obtaining process of any kind of service or commodity. When its come to the construction industry acquiring or obtaining strategy is a time-consuming and costly process. Therefor different type of contract processes are there asContinue reading “Procurement methods in Construction/ types of contracts”