Gross contract price definition
Gross contract price means the percentage of the entire contract that has been completed, from the commencement of the contract to the date of withdrawal, dissolution, or cessation of business.
Gross contract price means the total price or other consideration valued in money, whether received in money or otherwise, paid to a seller under a contract, whether written or unwritten, for all work, items, and other obligations, including goods, materials, services, and labor, prior to deduction for any costs, expenses, or payments to subcontractors or other third parties and exclusive of any rebates.
Gross contract price means, with respect to any project, all costs to develop the project, including all hard costs and soft costs (including payments to general contractors, any other payments to contractors and/or professionals retained separately from general contractors, and costs and fees for legal services incurred to develop the project). Gross Contract Price shall not include any land costs, building acquisition costs or finance costs.
Examples of Gross contract price in a sentence
Gross contract price also includes amounts reimbursed for inde- pendent research and development ex- penses (as defined in § 1.460–1(b)(9)), or bidding and proposal costs, under a fed- eral or cost-plus long-term contract (as defined in section 460(d)), regardless of whether the research and development, or bidding and proposal, activities are incident to or necessary for the per- formance of that long-term contract.
Gross contract price includes all amounts (including holdbacks, retainages, and reimburse- ments) that a taxpayer is entitled by law or contract to receive, whether or not the amounts are due or have been paid.