Contract Cost
/ˈkɒn.trækt kɒst/
Definitions
- (n.) The total expenditure or price incurred to complete the obligations specified in a contract, including materials, labor, and overhead.
The contractor submitted a detailed report outlining the contract cost for the building project.
Forms
- contract cost
- contract costs
Related terms
See also
Commentary
Contract cost is often critical in differentiating types of contracts, such as fixed-price versus cost-reimbursement, and must be clearly delineated in contract drafting to avoid disputes.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.