noun · common

open-book contract

open-book contract · open-book contracts

A contract in which the buyer and seller of work or services agree on which costs are…A contract in which the buyer and seller of work or services agree on (i) which costs are remunerable and (ii) the margin that the supplier can add to these costs. The project is then invoiced to the customer based on the actual costs incurred plus the agreed margin.

Meaning

1 senses

A contract in which the buyer and seller of work or services agree on (i) which costs are remunerable and (ii) the margin that the supplier can add to these costs. The project is then invoiced to the customer based on the actual costs incurred plus the agreed margin.