NM General Contractor Practice Questions - New Mexico General Contractor Exam

What is the difference between a 'lump sum' and 'cost-plus' contract?

Lump sum has a fixed total price; cost-plus reimburses actual costs plus a fee or percentage They are the same type of contract Lump sum is for small projects; cost-plus is for large projects Lump sum includes materials only; cost-plus includes labor only

Correct Answer:

Lump sum has a fixed total price; cost-plus reimburses actual costs plus a fee or percentage

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