The Cost Plus Contract Form is utilized when project costs cannot be accurately predetermined or when flexibility is needed in project scope. This contract type, common in Singapore's construction and engineering sectors, provides transparency in cost management while ensuring fair compensation for contractors. The document aligns with Singapore's regulatory requirements and includes essential provisions for cost verification, quality standards, and project management. It's particularly suitable for complex projects where scope may evolve during execution.
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1. Parties: Identification of contracting parties, including full legal names and addresses
2. Background: Context of the agreement and brief project overview
3. Definitions: Key terms used throughout the contract, including cost definitions
4. Scope of Work: Detailed description of the work to be performed
5. Cost Structure: Definition of allowable costs, markup calculation, and fee determination
6. Payment Terms: Billing procedures, payment schedule, and documentation requirements
7. Project Timeline: Project schedule, milestones, and completion dates
8. Quality Standards: Performance requirements and quality control measures
9. Audit Rights: Client's rights to audit costs and records
10. Governing Law: Specification of Singapore law and jurisdiction
1. Performance Bond: Requirements for performance security when required for high-value projects or by client request
2. Foreign Labor: Provisions regarding foreign worker employment when project involves foreign workers
3. Environmental Compliance: Environmental protection measures for projects with environmental impact
4. Intellectual Property: IP rights and ownership provisions when design or innovative solutions are involved
1. Schedule of Rates: Detailed breakdown of labor, material, and equipment rates
2. Project Specifications: Technical specifications and requirements
3. Insurance Requirements: Details of required insurance coverage
4. Quality Control Plan: Detailed quality assurance procedures
5. Cost Reporting Template: Standard format for cost reporting and documentation
6. Change Order Procedures: Process and forms for handling variations
7. Safety Requirements: Safety standards and procedures
8. Subcontractor List: Approved subcontractors and their scope
Relevant legal definitions
Clauses
Relevant Industries
Relevant Teams
Relevant Roles
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