Fee (NEC)
In an NEC contract, the amount calculated by applying the contractual fee percentage to Defined Cost, distinct from the percentage itself.
by Jack Butler-Kettle · About 1 min readShare
Further detail
Read this alongside the NEC Dictionary of Terms.
In NEC terminology, Fee is calculated using the applicable contractual percentage and cost basis. It should be distinguished from a consultant's professional fee and from amounts already included in Defined Cost. The form, option and amendments govern the calculation and avoid double counting.
Show the cost basis and Fee separately. Our Change valuation and compensation-event quotations service presents a quotation with traceable components and assumptions under the selected NEC terms.
Sources
- NEC Dictionary of Terms. NEC Contracts.