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Cost And Fee Contract
"I need a Cost and Fee Contract for a Singapore-based construction project with a target cost of $5M, where we'll pay the contractor their actual costs plus a 12% fee, with detailed provisions for monthly cost verification and an incentive mechanism for completing under budget by March 2025."
1. Parties: Identification and details of contracting parties
2. Background: Context and purpose of the cost and fee arrangement
3. Definitions: Key terms used throughout the contract
4. Scope of Services: Detailed description of services to be provided
5. Cost Structure and Fees: Breakdown of costs, fee calculation methodology, and payment terms
6. Payment Terms: Schedule of payments, invoicing procedures, and payment conditions
7. Duration and Termination: Contract period and termination provisions
8. General Provisions: Standard contractual clauses including governing law and jurisdiction
1. Performance Standards: Specific quality metrics and standards to be met during service delivery
2. Insurance and Liability: Insurance requirements, liability limitations and indemnification provisions
3. Intellectual Property Rights: Provisions governing ownership and usage rights of intellectual property created during the contract
4. Confidentiality: Provisions for protecting confidential information shared between parties
5. Force Majeure: Provisions addressing unforeseen circumstances and their impact on contract performance
1. Schedule of Rates: Detailed breakdown of all applicable rates and charges
2. Scope of Work: Detailed technical specifications and deliverables
3. Payment Schedule: Detailed payment milestones and amounts
4. Key Personnel: List of key team members and their roles
5. Service Level Agreement: Specific performance metrics and standards
6. Change Control Procedure: Process for managing changes to scope or fees
Authors
Agreed Fee
Allowable Costs
Approved Budget
Base Fee
Change Order
Commencement Date
Contract Documents
Cost Records
Direct Costs
Effective Date
Fee Percentage
Fixed Fee
Incentive Fee
Indirect Costs
Key Personnel
Milestone Payment
Overhead Costs
Payment Certificate
Performance Standards
Project
Project Manager
Reimbursable Expenses
Scope of Services
Services
Target Cost
Time Charges
Variation
Work Product
Fee Structure
Payment Terms
Cost Verification
Record Keeping
Audit Rights
Change Control
Performance Standards
Progress Reporting
Budget Management
Reimbursement Procedures
Liability and Indemnification
Insurance
Confidentiality
Intellectual Property
Force Majeure
Termination
Dispute Resolution
Governing Law
Assignment
Subcontracting
Warranties
Notice Requirements
Time Management
Quality Control
Health and Safety
Environmental Compliance
Records Retention
Staff and Personnel
Variations
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