Comparison
The following chart compares requirements of lump sum and actual cost agreements.
Actual Cost | Lump Sum |
No limitation | Limited to $500,000.00 |
Detailed estimate | Very detailed and a verified estimate |
Detailed itemization of billing | No itemization of billing |
Partial payments | No partial payments |
Audit required | No audit required |
10% retained until audit | 100% reimbursement at billing |
One review of plan and estimate | One review of plan and estimate |
Reconcile final billing to approved plan and estimate | Proof of Buy America compliance |
Proof of Buy America compliance |