Unit Price Contract Sample Clauses
A Unit Price Contract is a contractual arrangement where payment is based on predetermined rates for specific units of work completed. Under this structure, the contractor is paid for the actual quantities of work performed, such as cubic meters of concrete poured or meters of piping installed, multiplied by the agreed unit prices. This approach is particularly useful for projects where the exact quantities of work are uncertain at the outset, as it allows for flexibility and fair compensation based on actual progress, thereby reducing disputes over scope changes and ensuring transparency in billing.
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Unit Price Contract. This series of contracts for routine maintenance, repair and/or remodel with the Owners for labor and material projects equal to or less than $10,000.00 per project will establish approved hourly rates for the same utilizing a fair and competitive bid process. The Purchasing Division will require proof of insurance and a $10,000 payment bond and performance bond from each contractor for the duration of the contract. During the course of the contract period, any Owners Department / Division / Agency may utilize the established unit price contract for maintenance, repair and small remodeling projects under $10,000. Unit Price Service Contracts shall not include contracts involving: a) any street, alley bridge or highway, or b) the new construction, furnishing, erection or installation of any building or structure.
Unit Price Contract. Unit Price Contract refers to the construction contract in which the parties agree to calculate, adjust and confirm the Contract Price with the Bill of Quantities and the comprehensive unit price. The unit contract price shall not be adjusted within the agreed scope. The parties shall specify in the Special Terms of the Contract the risk scope and the calculation method of risk costs involved in the comprehensive unit price, and agree on the adjustment method of the Contract Price beyond the risk scope. Adjustments caused by market price fluctuations shall be subject to Article 11.1 (adjustments caused by market price fluctuations).
Unit Price Contract. The Unit Price Contract is a construction contract for construction works, under which the Contracting Parties agree that the Contract Price shall be calculated, adjusted and determined based on the Bill of Quantities and the Comprehensive Unit Price. The Contract Unit Price shall be not adjusted within the agreed scope. The risk range included in the comprehensive unit price and the calculation method for risk costs shall be agreed by the Contracting Parties in Special Terms and Conditions of the Contract. Besides, the adjustment method for the Contract Price beyond the risk range shall also be agreed. The adjustment arising from market price fluctuation shall be conducted as per [Adjustment due to Market Price Fluctuation].
Unit Price Contract. In a unit price contract, the work to be performed is broken into various parts, usually by construction trade. This contract type is based on anticipated quantities of items which are counted in the project in addition to their unit prices. The final price of the project depends upon the quantities required to carry out the work. For example, painting is typically done on a square foot basis. Unit price contracts are seldom used for an entire major construction project, but they are frequently used for agreements with subcontractors which involve accurate identification of different types of items, but not their numbers, in the contract documents. They are also often used for maintenance and repair work. Cost plus contract – The cost plus contract is an agreement which involves the buyer’s consent to pay the complete cost for material and labor in addition to the amount for contractor overhead and profit. This contract type is favored where the scope of work is highly uncertain or indeterminate in addition to the types of labor, material, and equipment being similarly uncertain in nature. Here, the contractor's profit is set at a fixed amount. If actual costs are lower than the estimate, the owner keeps the savings. If actual costs are higher than the estimate, the owner must pay the additional amount. The advantage of a cost plus contract is that, generally speaking, the project will result in the building that was envisioned, even if costs run high. The builder is less likely to cut corners or argue for less expensive materials because his profit is not in jeopardy. Three key types of cost plus contracts are: • Cost + Fixed Percentage Contract - Compensation is based on a percentage of the cost. • Cost + Fixed Fee Contract - Compensation is based on a fixed sum independent the final project cost. The customer agrees to reimburse the contractor's actual costs, regardless of amount, and in addition pay a negotiated fee independent of the amount of the actual costs.
Unit Price Contract. The scope of risks included in the comprehensive unit price: The comprehensive unit price will no longer be adjusted except for changes, changes in engineering contact forms, dynamic management of labor and materials, and adjustments caused by legal changes. Calculation method of risk costs: already included in the contract price, and the bidder shall comprehensively consider various risk costs in the quotation.
1. 1; ⑥The general contracting service fee shall be implemented according to the actual project regulations.
Unit Price Contract. A written contract wherein the County agrees to pay the Contractor a specified amount of money for each unit of work successfully completed as set forth in the contract.
Unit Price Contract. A unit price contract refers to a construction project construction contract where the parties to the contract agree to calculate, adjust and confirm the contract price based on the bill of quantities and their comprehensive unit prices. Within the agreed scope, the contract unit price shall not be adjusted. The parties to the contract shall stipulate in the special contract terms the scope of risks included in the comprehensive unit price and the calculation method of risk expenses, and agree on the adjustment method of the contract price beyond the scope of risks. Among them, the adjustment caused by market price fluctuations shall be implemented in accordance with the provisions of Clause 11.1 [Adjustments Caused by Market Price Fluctuations].