Contract, Cost-Plus-A-Percentage-Of-Cost

A form of contract which provides for a fee or profit at a specified percentage of the contractor's actual cost of accomplishing the work. Except in case of emergency affecting the public health, safety or welfare and for some insurance contracts, no public contract shall be awarded on the basis of cost plus a percentage of cost (Code of Virginia, § 2.2- 4331).

Reference:

DGS, APSPM

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