Contracts are one of the most important factors in every transaction. Whether it may be a business transaction or a non-commercial transaction, contracts help involved parties protect and secure their interests as well as their rights with regards to the subject matter. Consider having a look at this page’s Legal Rental Agreement Contract for free.
Also, choosing the appropriate contract type is essential to successful performance under a contract. The type of contract determines the cost and performance risks that are placed on the contractor. There are two broad contract groups. These are the fixed price and cost reimbursement. Within each of these groups, there are various types of contracts that can be used individually or in combination.
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You can also check out this page’s Sample Contract Agreements as well as examples of Subcontractor Agreements that you might find useful and get necessary information and details in reference to having your future deals and transactions.
Here are some of the general types of contracts along with its definition:
- Fixed Price Contracts – this type of contract places the most performance and cost risk paid and requires the contractor to successfully perform the contract and deliver conforming supplies or services for a price agreed to up front.
Also, this type of contract is suitable for supplies and services that can be described in sufficient detail to ensure complete understanding of the requirements by both parties and assessment of the inherent risks of performance. And if it costs them more than they expected, they still get the amount originally agreed upon.
- Coin Reimbursement Contracts – this type of contract allows for payment of all incurred costs, in a predictable and obvious manner, that can be allocated to the contract, are allowable within cost standards, and reasonable. The coin reimbursement contract would only require the contract to use their “best efforts” to complete the contract. Therefore, all types of cost reimbursement contracts place the least cost and performance risk on the contractor. On the other hand, this type of contract is required when the uncertainties of performance will not permit a fixed price to be estimated with sufficient accuracy to ensure a fair and reasonable price is obtained.
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Such example is as if a particular task has too much uncertainties or risks involved and we ask a contractor to price it on a fixed price basis. They would build in contingency costs to allow for the uncertainty or risk and it would likely cost the government much more money than if they could price it on a cost reimbursement basis.
Alongside with the cost reimbursement contract, here are its subtypes:
- Cost Type – this would include payments of total estimated cost, all in all.
- Cost Sharing – this is when both the contractor and the government would agree to share or split the cost of the performance in a predictable manner.
Aside from this, you can definitely check out this page’s sample Construction Contractor Agreements to give you much more information and insight with regards to the subject matter, and also for you to broaden and widen your perception and idea in terms of the different types and the wide array of contract examples.
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