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    MBA announces new updated cost plus building contract

    Master Builders Australia (MBA)

    Master Builders Australia (MBA) and the Australian Institute of Architects have introduced a new Australian Building and Construction industry (ABIC) form of contract to replace the outdated version (FFC/cost plus).

    The new cost plus contract for commercial use merges the two forms of cost plus commonly used, i.e., the commission contract where the contractor is paid the cost of the work plus a margin or a percentage of the cost of doing the work, and a fixed fee contract where the contractor is paid a fixed fee as well as the cost of doing the work. The new contract combines both options in one form.

    Cost plus contracts are used where the cost of the works and the date for completion is not certain at commencement, and can only be confirmed as work progresses.

    The contract can be ordered by contacting Master Builders in each state and territory at www.masterbuilders.com.au or from the Australian Institute of Architects at www.architext.com.au.

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