Cost-Reimbursable Contract
A type of contract involving payment to the seller for the seller's actual costs, plus a fee typically representing seller's profit. Cost-reimbursable contracts often include incentive clauses where, if the seller meets or exceeds selected project objectives, such as schedule targets or total cost, then the seller receives from the buyer an incentive or bonus payment.
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PMBOK® Glossary Terms and Definitions (5th Edition) Copyright © by PMConnection - (1711 reads) | 
