Which of the following would be an explicit agreement of reimbursement on a contract?
A) contractor will produce a bill at the end of the contract without having disclose costs
B) contractor will seek payment for contract without having to submit a bid or disclose a mark-up
C) contractor agrees with customer before the project begins, on a set price
D) Contractor will bill the customer based on what the contractor perceives to be the going rate

Question

Quizplus · Accepted Answer

The explicit agreement of reimbursement on a contract is when the contractor agrees with the customer beforehand on a set price. This establishes a clear understanding of the payment expectations for both parties. Option A and D suggest ambiguity in billing, while option B suggests the contractor does not need to be transparent about their pricing.

Which of the Following Would Be an Explicit Agreement of Reimbursement