cost contract


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cost contract

1. A contract that provides for payment to the contractor of allowable costs, to the extent prescribed in the contract, incurred in performance of the contract.
2. A cost-reimbursement type contract under which the contractor receives no fee.
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The Naval Surface Warfare Center, Port Hueneme Division, announced on 15 March 2019 that Ultra Electronics Ocean Systems, based in Braintree, Massachusetts, is being awarded a $27,978,119 cost-plus-fixed-fee and cost contract for the development and production of Next Generation Surface Search Radar qualification systems (NGSSR).
Taking a dig at the government, the Congress party accused Defence Minister Nirmala Sitharaman of "lying" on Reliance Defence Ltd, which it said didn't have the experience in manufacturing fighter jets, having secured an offset contract from Dassault Aviation for Rs300bn and a consequent 'Lifecycle Cost Contract' of Rs1tn in the Rafale deal.
Gross Cost Contract: Private operator is paid a fixed sum for the duration of the contract.
RELATED ARTICLES: Face to Face: Riad Nashif, AECOM I AECOM wins $80m management contract I Aecom wins cost contract for Oman Convention hotel
However, because cost contract are used when the work cannot be predicted with sufficient confidence to support a fixed price--typically involving complex, sophisticated, emerging systems--the contractor stops work when the funds are exhausted.
Q I TOOK out life cover 10 years ago through what I thought was a low cost contract. However, I have just received a letter stating that either the cost of this cover will go up substantially or the amount of cover will reduce.
Boeing was recently awarded a USD25m matching cost contract from the US Federal Aviation Administration (FAA) through its Continuous Lower Energy Emissions Noise (CLEEN) programme.
"This required sufficient flexibility to allow innovation to flourish while set within the framework of a target cost contract.
JLJ Effluent Engineering Limited have devised a low cost contract hire scheme to help manufacturers avoid heavy fines for pollution.
The Corps determined that a cost contract was the only vehicle flexible and responsive enough to meet the needs of maneuver commanders.