{"id":13469,"date":"2023-12-22T09:49:40","date_gmt":"2023-12-21T21:49:40","guid":{"rendered":"https:\/\/www.buildxact.com\/nz\/?p=13469"},"modified":"2025-04-09T09:03:07","modified_gmt":"2025-04-08T21:03:07","slug":"cost-plus-construction","status":"publish","type":"post","link":"https:\/\/www.buildxact.com\/nz\/blog\/cost-plus-construction\/","title":{"rendered":"Navigate cost-plus construction with construction software"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"13469\" class=\"elementor elementor-13469\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-17482fc9 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"17482fc9\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-473457f0\" data-id=\"473457f0\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-36a566f0 elementor-widget elementor-widget-text-editor\" data-id=\"36a566f0\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Every home-building project presents unique circumstances demanding flexibility in contracts and billing to align with the project&#8217;s scope, customer expectations or current market conditions.<\/p><p>Let&#8217;s delve into the essentials of setting up contracts and explore how modern construction management software simplifies purchase orders, work orders and customer invoices.<\/p><h2>Cost-plus construction: managing expenses and statements<\/h2><p>A cost-plus contract ensures that contractors, builders or renovators get reimbursed for allowable expenses incurred during a home build. This contract involves an additional predetermined amount, or markup (often a percentage of total costs), to cover profit.\u00a0<\/p><p>It&#8217;s invaluable when the scope of work is ambiguous or the project involves high uncertainty.<\/p><h2>Elements of a cost-plus contract<\/h2><p>Understanding the key components and language of a cost-plus construction contract is crucial:<\/p><ul><li><b>Direct Costs<\/b> &#8211; these encompass labour, materials, equipment or subcontractor fees directly associated with the project. Think of it as paying for the individual puzzle pieces that form the whole.<\/li><li><b>Indirect Costs\/Overhead &#8211;<\/b>\u00a0these are expenses related to running the business, such as administrative hours, loans, utilities and general office expenses. They support the business as a whole \u2013 like paying for the time spent assembling the puzzle or the table used for holding the pieces.<\/li><li><b>Profit &#8211; <\/b>after reimbursing project costs, the additional fee, or &#8220;plus&#8221; calculated as a percentage of total allowable costs, represents profit. This should be viewed as an investment in future business growth. True profit, or net income, comes only when all expenses, depreciation and salaries have been accounted.<\/li><\/ul><p>Flexibility and reduced risk are the primary advantages cost-plus contracts offer builders or contractors, especially in markets prone to price fluctuations. Unlike contract-price contracts with predetermined costs, cost-plus contracts reimburse expenses as they occur and offer an agreed-upon fee for profit. With this, you can better focus on quality rather than cost-cutting.<\/p><h2>Working mechanism of cost-plus contracts<\/h2><p>Cost-plus construction contracts reimburse for project costs, including labour, materials and overhead. Alongside these costs, there&#8217;s a predetermined profit margin that, as previously mentioned, is a percentage of total project costs and delivered as markup. Costs and markup should be clearly stated on customer invoices. Invoices should make clear what payments are outstanding and what payments have been made.<\/p><p>However, customers will still need an overall cost estimate. <a href=\"https:\/\/www.buildxact.com\/us\/features\/construction-estimating-software\/\"><b>Accurate estimating systems<\/b><\/a> are vital to arrive at a clear total budget or cap that is free of the potential errors that could erode anticipated profits.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-39067231 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"39067231\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-8ec5902\" data-id=\"8ec5902\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-457e3605 elementor-widget elementor-widget-spacer\" data-id=\"457e3605\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1dce746b elementor-widget__width-initial elementor-widget-laptop__width-initial elementor-hidden-tablet elementor-hidden-mobile elementor-align-center elementor-widget elementor-widget-elementskit-button\" data-id=\"1dce746b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"elementskit-button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"ekit-wid-con\" >\t\t<div class=\"ekit-btn-wraper\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.buildxact.com\/schedule-a-demo\/\" class=\"elementskit-btn  whitespace--normal\" id=\"\">\n\t\t\t\t\tBook a Demo\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n        <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-5e2fbc0b elementor-widget__width-initial elementor-widget-laptop__width-auto elementor-align-left elementor-widget elementor-widget-elementskit-button\" data-id=\"5e2fbc0b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"elementskit-button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"ekit-wid-con\" >\t\t<div class=\"ekit-btn-wraper\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/app.buildxact.com\/signup.html\" class=\"elementskit-btn  whitespace--normal\" id=\"\">\n\t\t\t\t\t14 Day Free Trial\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n        <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-2146790c elementor-widget elementor-widget-spacer\" data-id=\"2146790c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7cf2d71b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7cf2d71b\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-773f04c8\" data-id=\"773f04c8\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-fae401c elementor-widget elementor-widget-text-editor\" data-id=\"fae401c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2>Cost-plus vs. contract-price contracts<\/h2><p>Choosing between the two hinges on factors like project complexity, risk assessment and customer expectations. Contract-price contracts offer cost certainty but require you to manage potential overruns either by covering the costs yourself or <a href=\"https:\/\/www.buildxact.com\/us\/features\/construction-cost-tracking-software\/\"><b>sending out variations<\/b><\/a>.<\/p><p>Cost-plus contracts offer flexibility and peace of mind amid uncertainties but often requires more detailed customer invoicing to explain ongoing costs.<\/p><h2><strong>When to use a cost-plus construction contract<\/strong><\/h2><p>A\u00a0cost-plus construction contract is typically used for jobs or projects with ill-defined project scope or where numerous variations are anticipated. Often, complex custom homes make changes inevitable. Sometimes, site changes can occur (that greenfield was actually a brownfield, for example).<\/p><p>Many builders employ cost-plus construction contracts to mitigate the risks associated with unforeseen challenges, to <a href=\"https:\/\/www.buildxact.com\/us\/features\/customer-communication-software\/\"><b>build better customer relationships<\/b><\/a> through ongoing collaboration, and to build trust through transparency of costs.\u00a0<\/p><p>Of course, it depends on the type of project, and analyzing said project will help you weigh your advantages vs. disadvantages.<\/p><h3>Utilizing Guaranteed Maximum Price (GMP)<\/h3><p>A GMP sets a maximum price for a project, holding the contractor accountable for costs exceeding the threshold. While advantageous, underestimating costs in a GMP can lead to losses.<\/p><h3><span style=\"background-color: var(--base-2); font-size: 2rem; font-style: inherit;\">Software&#8217;s role in simplifying cost-plus planning<\/span><\/h3><p><a href=\"https:\/\/www.buildxact.com\/us\/\"><b>Construction software<\/b><\/a> streamlines cost-plus construction planning by easing estimating, cost tracking, budgeting and communication.\u00a0<\/p><p>Tools like Buildxact automate many data entry tasks, easing administrative burdens and minimizing errors in invoicing.<\/p><p>Buildxact facilitates job setup, purchase and work order creation, and customer invoicing with detailed breakdowns. This automation reduces data handling, saving time and ensuring accurate, detailed invoices.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-17b2b738 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"17b2b738\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1db71b0e\" data-id=\"1db71b0e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7f82a70a elementor-widget elementor-widget-spacer\" data-id=\"7f82a70a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-35853bbe elementor-widget__width-initial elementor-widget-laptop__width-initial elementor-hidden-tablet elementor-hidden-mobile elementor-align-center elementor-widget elementor-widget-elementskit-button\" data-id=\"35853bbe\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"elementskit-button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"ekit-wid-con\" >\t\t<div class=\"ekit-btn-wraper\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/www.buildxact.com\/schedule-a-demo\/\" class=\"elementskit-btn  whitespace--normal\" id=\"\">\n\t\t\t\t\tBook a Demo\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n        <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-44b126b4 elementor-widget__width-initial elementor-widget-laptop__width-auto elementor-align-left elementor-widget elementor-widget-elementskit-button\" data-id=\"44b126b4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"elementskit-button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"ekit-wid-con\" >\t\t<div class=\"ekit-btn-wraper\">\n\t\t\t\t\t\t\t<a href=\"https:\/\/app.buildxact.com\/signup.html\" class=\"elementskit-btn  whitespace--normal\" id=\"\">\n\t\t\t\t\t14 Day Free Trial\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n        <\/div>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-22bcac94 elementor-widget elementor-widget-spacer\" data-id=\"22bcac94\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"spacer.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-spacer\">\n\t\t\t<div class=\"elementor-spacer-inner\"><\/div>\n\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7541c301 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7541c301\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1844e0fd\" data-id=\"1844e0fd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-65c39919 elementor-widget elementor-widget-image\" data-id=\"65c39919\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.buildxact.com\/us\/video-tutorial\/cost-plus-invoicing\/\">\n\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"900\" height=\"538\" src=\"https:\/\/www.buildxact.com\/nz\/wp-content\/uploads\/sites\/16\/2023\/12\/Feature-Image_Invoicing-US-1-1024x612.png\" class=\"attachment-large size-large wp-image-13461\" alt=\"\" srcset=\"https:\/\/www.buildxact.com\/nz\/wp-content\/uploads\/sites\/16\/2023\/12\/Feature-Image_Invoicing-US-1-1024x612.png 1024w, https:\/\/www.buildxact.com\/nz\/wp-content\/uploads\/sites\/16\/2023\/12\/Feature-Image_Invoicing-US-1-300x179.png 300w, https:\/\/www.buildxact.com\/nz\/wp-content\/uploads\/sites\/16\/2023\/12\/Feature-Image_Invoicing-US-1-768x459.png 768w, https:\/\/www.buildxact.com\/nz\/wp-content\/uploads\/sites\/16\/2023\/12\/Feature-Image_Invoicing-US-1-1536x917.png 1536w, https:\/\/www.buildxact.com\/nz\/wp-content\/uploads\/sites\/16\/2023\/12\/Feature-Image_Invoicing-US-1-2048x1223.png 2048w\" sizes=\"(max-width: 900px) 100vw, 900px\" \/>\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-18b81f48 elementor-widget elementor-widget-text-editor\" data-id=\"18b81f48\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h2>How Buildxact can help with cost-plus contracts<\/h2><p>When you set up a job in Buildxact, you specify early on whether it\u2019s a cost-plus job or contract-price. Buildxact includes functions for creating purchase orders and work orders, and these orders are what generates customer invoices.<\/p><p>As you order and receive materials and complete tasks with hired labour, Buildxact captures all the details not only for your own accounting but also to display on customer invoices. As you build customer invoices, you can adjust your cost-plus percentage for individual line items.<\/p><p>Buildxact generates invoices in multiple file formats, like pdf, Word document and Excel. Invoices contain all your payment terms, payment totals and company and customer details. All the information is laid out on a ready-to-use template that can be printed or emailed using your business logo.<\/p><p>In this way, there\u2019s no double-handling of data so you save time while preventing errors. Invoices show as much detail as you wish, depending on your situation with the customer.<\/p><h2>Ready to try Buildxact?<\/h2><div><a href=\"https:\/\/www.buildxact.com\/us\/schedule-a-demo\/\"><b>Schedule a demo<\/b><\/a> today with a Buildxact team member for a one-on-one conversation. Or if you are ready to jump in, sign up for a <a href=\"https:\/\/app.buildxact.com\/us\/signup.html\"><b>no-risk 14-day trial<\/b><\/a> to see just how powerful construction management software can be.<\/div>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Delve into cost-plus contracts and how construction management software simplifies customer invoices.<\/p>\n<div style=\"display:none;\" class=\"postcatlist\"><a href='https:\/\/www.buildxact.com\/nz\/tag\/buildxact\/'><span>Buildxact<\/span><\/a> <a href='https:\/\/www.buildxact.com\/nz\/tag\/invoicing\/'><span>Invoicing<\/span><\/a> <a href='https:\/\/www.buildxact.com\/nz\/tag\/job-management\/'><span>Job management<\/span><\/a><\/div>\n","protected":false},"author":11,"featured_media":7866,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[25],"tags":[116,109,38],"contributing_author":[],"class_list":["post-13469","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","tag-buildxact","tag-invoicing","tag-job-management"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Navigate cost-plus construction with construction software | Buildxact NZ<\/title>\n<meta name=\"description\" content=\"Explore cost-plus construction contracts and nuances and learn how construction management software can generate expenses and invoices so your customer has a deep understanding of project finances.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.buildxact.com\/nz\/blog\/cost-plus-construction\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Navigate cost-plus construction with construction software\" \/>\n<meta property=\"og:description\" content=\"Explore cost-plus construction contracts and nuances and learn how construction management software can generate expenses and invoices so your customer has a deep understanding of project finances.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.buildxact.com\/nz\/blog\/cost-plus-construction\/\" \/>\n<meta property=\"og:site_name\" content=\"Buildxact NZ\" \/>\n<meta property=\"article:published_time\" content=\"2023-12-21T21:49:40+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-08T21:03:07+00:00\" \/>\n<meta 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