open-book contract
( plural )
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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.
open-book contract
We agreed to an open-book contract so the client could verify which costs were remunerable and the margin the supplier could add, with the project invoiced based on actual costs plus the agreed margin.
We agreed to an open-book contract so the client could verify which costs were remunerable and the margin the supplier could add, with the project invoiced based on actual costs plus the agreed margin.
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