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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
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