A prospective contractor for some repair work I’m planning has suggested doing it on a “cost plus” basis. What is this, and are there any drawbacks?

Q

A prospective contractor for some repair work I’m planning has suggested doing it on a “cost plus” basis. What is this, and are there any drawbacks?

A

Traditionally, when procuring construction work, the Client arranges for the scope of work to be determined, and then invites tenders based on a designed solution (with design either by a Consultant, or where circumstances dictate, by the Contractor). Tenderers submit their bids for carrying out the work and bear the risk of delivering the work for an agreed cost and timescale.

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