Cost Plus Contractor Agreement

Cost Plus Contractor Agreement Template for Singapore

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Key Requirements PROMPT example:

"I need a Cost Plus Contractor Agreement for a large commercial warehouse construction project in Singapore, with a target completion date of June 2025 and an estimated budget of SGD 15 million, including provisions for sustainable building practices and LEED certification requirements."

What is a Cost Plus Contractor Agreement?

The Cost Plus Contractor Agreement is particularly suited for complex construction projects in Singapore where the exact scope or costs cannot be accurately predetermined. This contract type provides flexibility while maintaining cost transparency, making it ideal for projects with uncertain specifications or where rapid commencement is required. The agreement must comply with Singapore's robust construction law framework, including SOPA and BCA regulations. It typically includes detailed provisions for cost verification, payment procedures, quality control, and project management protocols, while incorporating standard industry practices and local regulatory requirements.

What sections should be included in a Cost Plus Contractor Agreement?

1. Parties: Identification of the Owner/Principal and the Contractor, including full legal names and addresses

2. Background: Context of the agreement, project overview, and basis for engaging in a cost-plus arrangement

3. Definitions: Key terms used throughout the agreement, including 'Cost', 'Fee', 'Works', etc.

4. Scope of Works: Detailed description of the construction/project works to be performed

5. Cost Structure: Definition of allowable costs, excluded costs, and calculation methodology

6. Fee Structure: Contractor's fee calculation, typically as percentage markup or fixed fee

7. Payment Terms: Payment schedule, verification process, and invoicing requirements

8. Duration and Timeline: Project schedule, milestones, and completion dates

9. Contractor Obligations: Key responsibilities and duties of the contractor

10. Principal Obligations: Key responsibilities and duties of the principal/owner

What sections are optional to include in a Cost Plus Contractor Agreement?

1. Performance Security: Bond requirements and guarantees for high-value projects or when required by financing arrangements

2. Liquidated Damages: Predetermined damages for specific breaches, applicable when specific monetary losses can be predicted

3. Value Engineering: Process for cost optimization suggestions in complex projects

4. Acceleration: Provisions for speeding up work when project timeline flexibility might be needed

What schedules should be included in a Cost Plus Contractor Agreement?

1. Schedule of Rates: Detailed breakdown of labor, equipment, and material rates

2. Project Specifications: Technical specifications and requirements

3. Bill of Quantities: Estimated quantities of materials and work items

4. Insurance Requirements: Detailed insurance coverage requirements and limits

5. Project Timeline: Detailed project schedule and milestones

6. Quality Assurance Plan: Quality control procedures and requirements

7. Safety Requirements: Safety protocols and procedures

8. Form of Payment Application: Template for monthly payment applications

Authors

Alex Denne

Head of Growth (Open Source Law) @ ��Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co

Relevant legal definitions

Clauses

Relevant Industries

Commercial Construction
Residential Construction
Industrial Construction
Infrastructure
Institutional

Relevant Teams

Legal
Finance
Operations
Procurement
Commercial

Relevant Roles

Construction Manager
Project Director
Contract Administrator
Quantity Surveyor
Commercial Manager
Legal Counsel
Finance Director

Industries

Building Control Act (Chapter 29): Primary legislation governing building works, building plans, and safety standards in Singapore construction projects

Building and Construction Industry Security of Payment Act (SOPA): Facilitates payments for construction work and construction-related goods and services, including payment claim procedures and timelines

Contracts Act (Chapter 53): Fundamental law governing contract formation, validity, and enforcement in Singapore

Employment Act (Chapter 91): Relevant for subcontractor relationships and employment terms in construction projects

Workplace Safety and Health Act: Regulates health and safety standards at construction workplaces

Building Maintenance and Strata Management Act: Governs the maintenance and management of buildings and common property

BCA Regulations: Building and Construction Authority's regulatory requirements for construction projects

Building Control Regulations: Detailed regulations on building control, including technical requirements and compliance standards

Building Control (Buildability and Productivity) Regulations: Specific regulations focusing on construction efficiency and productivity requirements

Architects Act: Regulates architectural services and professional requirements in construction projects

Professional Engineers Act: Governs engineering services and professional standards in construction

Licensed Builders Requirements: Licensing requirements and obligations for builders in Singapore

Goods and Services Tax Act: Tax implications and requirements for construction services and materials

Income Tax Act: Tax obligations and considerations for construction contracts and payments

Stamp Duties Act: Requirements for stamp duty on construction contracts and related documents

Arbitration Act: Framework for arbitration as a dispute resolution mechanism in construction contracts

Mediation Act: Legal framework for mediation in construction disputes

Environmental Protection and Management Act: Environmental protection requirements and standards for construction projects

Environmental Public Health Act: Public health and environmental considerations in construction works

SIA Standard Forms: Singapore Institute of Architects' standardized contract forms and guidelines

PSSCOC: Public Sector Standard Conditions of Contract - standard terms for public construction projects

Singapore Standards (SS): National standards for construction materials, methods, and practices

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Let's create your Cost Plus Contractor Agreement

What is a Cost Plus Contractor Agreement?

What sections should be included in a Cost Plus Contractor Agreement?

What sections are optional to include in a Cost Plus Contractor Agreement?

What schedules should be included in a Cost Plus Contractor Agreement?

Authors

Alex Denne

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