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A defined lump sum plan expresses employees pension benefits as a lump sum amount which makes it easy for them to understand and appreciate the benefits In many cases the plans also allow employees to accrue larger benefits at younger ages than they would under a traditional pension plan And increasingly defined lump sum plans provide portable benefits that employees can take with them if they leave the company before retirement ageCost-plus construction contracts are often used for projects in which an owner or developer wishes to retain flexibility in selecting construction materials or modifying the design during construction Unless specifically described in the contract the contractor and the ownerdeveloper may have a different perception of what types of costs are reimbursable to the contractor The cost-plus contract should include a section defining all of the types of costs that are reimbursable by the ownerdeveloper and most standard form contracts include such provisionsA 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 This contract type permits contracting for efforts that might otherwise present too great a risk to contractors but it provides the contractor only a minimum incentive to control costsDesign and build contract also known as package deal and turnkey contracts Turnkey drilling services offer a viable method for operators to better man age drilling risks and reduce costs In the future they may be able to utilize drilling management contractor services for complete field development programs The offshore turnkey drilling industry remained a high-margin low-volume business until about 1993 when turnkey drillers began to realize bidding prices were not competitive with most operators internal cost estimates Increasing market share could only be achieved by reducing margins to match the
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