What does each of these fee terms mean?
What is a fee term?
Definition of term fee
: a fee by the term chargeable to a suitor or by law fixed and taxable in the costs of a case for each or any term it is in court.
What does term mean?
1 : a word or expression that has an exact meaning in some uses or is limited to a subject or field legal terms. 2 : a period of time fixed especially by law or custom a school term. 3 terms plural : conditions that limit the nature and scope of something (as a treaty or a will) the terms of a contract.
What does the term basic fee mean?
Related Definitions
Basic Fee means the annual retainer payable to an Eligible Director at the annual rate in effect on the Accounting Date for such Eligible Director’s services on the Board (exclusive of any Chairperson Fee, Non-Executive Chairman Fee or Meeting Fees.)
What are examples of fees?
An example of a fee is an admission cost to a festival. An example of a fee is a piece of land that a feudal lord gave a man in exchange for many years of work. noun. 5. A tip; a gratuity.
What’s a term in college?
An academic term (or simply term) is a portion of an academic year, the time during which an educational institution holds classes. The schedules adopted vary widely. In most countries, the academic year begins in late summer or early autumn and ends during the following spring or summer.
What is the meaning of per term in school?
Per term means “per semester” if the school has a fall/spring semester schedule. It means “per trimester” if the school divides classes into a fall/winter/spring schedule. It means “per quarter” if the school divides classes into four rolling terms over the course of a full year.
What are terms examples?
A term can be a constant or a variable or both in an expression. In the expression, 3a + 8, 3a and 8 are terms. Here is another example, in which 5x and 7 are terms that form the expression 5x + 7.
What does term mean in finance?
Key Takeaways. Term can have multiple meanings based on context. It can refer to the time period of an investment, the provisions of an agreement or contract, and lifespan assigned to an asset or liability. The term (or maturity) of a product can play a significant role in assessing a security’s riskiness.
What makes a term?
A term is a single mathematical expression. It may be a single number (positive or negative), a single variable ( a letter ), several variables multiplied but never added or subtracted. Some terms contain variables with a number in front of them. The number in front of a term is called a coefficient.
What is fee type?
Fee Type is the form of fees applicable to the school based on its frequency. Example, Yearly, Monthly or Quarterly.
Which term is defined as a fee charged for the use of money?
Simple Interest. A one-time payment or fee charged for the use of money loaned. Rate.
What is a contract fee?
A contract fee is a mechanism to recover costs associated with research and development that are not otherwise allowable as direct or an indirect cost of a sponsored project.
What does fixed fee mean?
noun [ C ] (also fixed fee) an amount that is charged or paid that does not change according to the amount of work done, or the number of times something is used: She agreed to do the work for a flat fee, rather than charge an hourly rate.
What is a fixed fee contract?
A cost-plus-fixed-fee contract is a cost-reimbursement contract that provides for payment to the contractor of a negotiated fee that is fixed at the inception of the contract. The fixed fee does not vary with actual cost, but may be adjusted as a result of changes in the work to be performed under the contract.
What is a fixed fee proposal?
A fixed-price proposal is one in which the contractor views the situation, assesses the amount of work and materials that are required, then quotes a single flat-rate price to complete the work. This type of proposal is also called a bid-style proposal or all-inclusive pricing proposal.
What do contractors look for in a bid?
Red flags in a contractor’s bid
- A hefty deposit: A down payment provides some assurance to the contractor that you are going through with the project. …
- Upfront payments: Other than for the initial deposit, you should only pay for completed work. …
- Cash payments: If your contractor asks for cash, it’s likely a scam.
What is cost-plus fluctuating fee contract?
Cost plus Fluctuating Fee contract: In this type of contract, the contractor is paid by the owner the actual cost of construction plus an amount of fee inversely variable according to the increase or decrease of the estimated cost agreed first by both the parties.
What would be the maximum fee you might negotiate for a cost-plus fixed fee?
(C) For other cost-plus-fixed-fee contracts, the fee shall not exceed 10 percent of the contract’s estimated cost, excluding fee.
What would be the maximum fee might negotiate for a cost-plus fixed fee contract for advisory and assistance services contract?
For other cost-plus-fixed-fee contracts, the fee shall not exceed 10 percent of the contract’s estimated cost, excluding fee.
What is a disadvantage of a cost-plus fixed fee contract?
Disadvantages of cost-plus fixed-fee contracts may include: The final, overall cost may not be very clear at the beginning of negotiations. May require additional administration or oversight of the project to ensure that the contractor is factoring in the various cost factors.
What is a guaranteed maximum price contract?
GMP stands for the guaranteed maximum price. That refers to the highest amount of labor, materials and profit costs the contractor can charge the customer in the construction industry.
What are the 4 types of contracts?
Learn below about the four most common types of construction contracts.
- Lump Sum Contract. A lump sum contract sets one determined price for all work done for the project. …
- Unit Price Contract. …
- Cost Plus Contract. …
- Time and Materials Contract.
What is a stipulated fee?
A stipulated sum contract requires that the contractor agree to be responsible for the proper job execution at a set price. The owner has essentially assigned the risk of project costs to the contractor, who can be expected to ask for a higher markup to anticipate unforeseen problems.