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SafeAssign Originality Report Summer 2020 - Initiating the Project (BADM-634-21) - Full Term • Problem Set #13

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Word Count: 549 Problem set 13 TypesOfContracts1.docx

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Running head: TYPES OF CONTRACTS. 1

Types of Contracts. Deepa Narayana Navalkar

University of Cumberland’s

Initiating the project

Fitness center establishment contracts. Introduction. There are different types of contracts that are used between parties to commit themselves to supply or providing their resources and services to the other party. Contracts are divide to two main groups, fixed-price contracts and cost reimbursed contracts. Fixed

Price Contracts. These are agreements that the amount of money paid is not determined by the time spent or the resources used (Jeff Kiger, 2020). This type of contract can further be categorized into: · Firm Fixed Price Contracts. This is a contract that a buyer pays a fixed amount of money to the seller without considering the cost that the seller may incur to finish a job. This type of contract can be used to sign an agreement with the construction services providers to the fitness center establishment project. · Fixed Price Economic Price Adjustment Contract. It is a fixed price contract that has economic price adjustments. It gives an ascending

and descending revision of the contract’s stated value upon the emergence of stated eventualities. This type of contract can be used to come into terms with the construction equipment providers. · Fixed Price Incentive Fee Contracts. This kind of contract gives profit adjustment and last contract fee establishment through

a method that is founded on the relationship between whole target price and the final negotiated cost (Jeff Kiger, 2020). This contract can be used between the fitness center and the construction resources providers in case they finish the project earlier than the timeline provided. Cost Reimbursement Contracts. In this type of contract, the customer takes on more risk as the seller can charge all the expense cost incurred to complete a project and charge a fixed cost as their profit. This contract is categorized into: · Cost Plus Fixed Fee. In this kind of contract, the customer can be charged with all legitimate expenses incurred by the seller in completing a project. An additional fee is on top set at the beginning of the contract and does not change despite any arising issues (Jeff Kiger, 2020). This type of contract can be used to come to an agreement with the construction contractors in case they are responsible for providing the construction resources as well as labor. · Cost Plus Incentive Fee. In this agreement, both the buyer and seller take risks. This is because the buyer pays for all legitimate cost to the progress of the

project, but both the buyer and seller are accountable for the greater or less cost incurred to the estimate in case the seller doesn’t provide an accurate estimate. In the fitness center establishment project, this type of contract can be signed with the engineers since, with the provision of exemplary outcome surpassing expectations, an incentive fee must be paid to them. · Cost Plus Award Fee. In this type of contract, the buyer sets their expectations, and if the sellers achieve

the set expectations to meet the buyer's expectations, the buyers award the sellers. This type of contract can be signed with the company supplying the gym with the equipment and facilities to be used in the gym.

Reference Jeff Kiger, (2020). A new fitness center is on the way for Northwester Rochester

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TYPES OF CONTRACTS.

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TYPES OF CONTRACTS

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Types of Contracts.

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TYPES OF CONTRACTS

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University of Cumberland’s Initiating the project

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University of Cumberland’s Initiating the project

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Contracts are divide to two main groups, fixed-price contracts and cost reimbursed contracts. Fixed Price Contracts. These are agreements that the amount of money paid is not determined by the time spent or the resources used (Jeff Kiger, 2020). This type of contract can further be categorized into:

Original source

There are different types of contracts and are divide to two main classes, fixed- price contracts and cost reimbursed contracts Fixed Price Contracts This is a type of contract where the amount of money paid is not determined by the time spent or the resources used This type of contract can be categorized into

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· Firm Fixed Price Contracts. This is a contract that a buyer pays a fixed amount of money to the seller without considering the cost that the seller may incur to finish a job.

Original source

· Firm Fixed Price Contracts In this kind of contract, the buyer pays a permanent amount of money to the seller without considering the cost that the seller may incur to finish a job (McConnon, 2020)

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· Fixed Price Economic Price Adjustment Contract. It is a fixed price contract that has economic price adjustments. It gives an ascending and descending revision of the contract’s stated value upon the emergence of stated eventualities.

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· Fixed Price Economic Price Adjustment Contract It is a fixed price contract that has economic price adjustments It gives an uphill and downhill revision of the contract’s stated value upon the emergence of stated eventualities (McConnon, 2020)

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· Fixed Price Incentive Fee Contracts. This kind of contract gives profit adjustment and last contract fee establishment through a method that is founded on the relationship between whole target price and the final negotiated cost (Jeff Kiger, 2020). This contract can be used between the fitness center and the construction resources providers in case they finish the project earlier than the timeline provided. Cost Reimbursement Contracts.

Original source

· Fixed Price Incentive Fee Contracts It is a kind of contract that gives profit adjustment and last contract fee establishment through a method that is founded on the relationship between over-all target fee and the final negotiated cost This contract can be signed with the renovation contractors in case they finish the project earlier than the timeline provided Cost Reimbursement Contracts

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In this type of contract, the customer takes on more risk as the seller can charge all the expense cost incurred to complete a project and charge a fixed cost as their profit. This contract is categorized into: · Cost Plus Fixed Fee. In this kind of contract, the customer can be charged with all legitimate expenses incurred by the seller in completing a project.

Original source

This is a type of contract where the customer takes on more risk as the seller can charge all the expense cost incurred to complete a project and charge a fixed cost as their profit (McConnon, 2020) This contract is categorized into · Cost Plus Fixed Fee In this kind of contract, the customer can be charged with all legitimate expenses incurred by the seller in completing a project

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An additional fee is on top set at the beginning of the contract and does not change despite any arising issues (Jeff Kiger, 2020).

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An additional fee is on top set at the beginning of the contract and does not change despite any arising issues

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· Cost Plus Incentive Fee. In this agreement, both the buyer and seller take risks. This is because the buyer pays for all legitimate cost to the progress of the project, but both the buyer and seller are accountable for the greater or less cost incurred to the estimate in case the seller doesn’t provide an accurate estimate.

Original source

· Cost Plus Incentive Fee In this contract, both the buyer and seller take risks This is because the buyer pays for all legitimate cost to the progress of the project, but both the buyer and seller are accountable for the greater or less cost incurred to the estimate in case the seller doesn’t provide an accurate estimate

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· Cost Plus Award Fee. In this type of contract, the buyer sets their expectations, and if the sellers achieve the set expectations to meet the buyer's expectations, the buyers award the sellers.

Original source

· Cost Plus Award Fee For this kind of contract, the buyer sets their expectations, and if the sellers achieve the set expectations to meet the buyer's expectations, the buyers award the sellers (McConnon, 2020)