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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Cost-plus Contract


Synonyms:contractor fee, cut, percentage
Filed Under: real-estate
Tags: realty
 

Definition of cost-plus contract

cost-plus contract
1. An agreement or contract where a construction contractor receives a fee based on a percentage of all costs paid for labour and materials.

Related Terms and Acronyms:

  • construction loan   A short-term interim loan for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.
  • contractor   One who constructs or oversees construction of a house or a large renovation.
  • custom builder   A contractor that constructs or remodels houses based on plans submitted by the client.
  • general contractor   The person or company that performs work on a construction project, hires subcontractors and suppliers, or both.
  • self-build insurance   Insurance that covers a homeowner for problems involved in a construction project.
  • subcontractor   A person or company that does specialty work for a general contractor.

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