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  2. Construction management - Wikipedia

    en.wikipedia.org/wiki/Construction_management

    In addition to acting in the owner's interest, the construction manager must control construction costs to stay within the GMP. CM at-risk is a global term referring to the business relationship of a construction contractor, owner and architect (or designer). Typically, a CM at-risk arrangement eliminates a "low-bid" construction project. A GMP ...

  3. Guaranteed maximum price - Wikipedia

    en.wikipedia.org/wiki/Guaranteed_Maximum_Price

    A guaranteed maximum price (also known as GMP, not-to-exceed price, NTE, or NTX) contract is a cost-type contract (also known as an open-book contract) such that the contractor is compensated for actual costs incurred plus a fixed fee, which is limited to a maximum price. The contractor is responsible for cost overruns greater than the ...

  4. Cost contingency - Wikipedia

    en.wikipedia.org/wiki/Cost_contingency

    The cost contingency which is included in a cost estimate, bid, or budget may be classified as to its general purpose, that is what it is intended to provide for. For a class 1 construction cost estimate, usually needed for a bid estimate, the contingency may be classified as an estimating and contracting contingency.

  5. Lump sum contract - Wikipedia

    en.wikipedia.org/wiki/Lump_sum_contract

    Obtaining construction loans are easier with this type of contract. [9] [8] The profit margins and percentages are greater for engineers and contractors. [8] [9] Payments and instalments are made on regular basis which provides the contractor with a reliable cash flow. [8] [9] Management of the contract is a lot easier for the owner. [8] [9]

  6. Glossary of construction cost estimating - Wikipedia

    en.wikipedia.org/wiki/Glossary_of_construction...

    A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...

  7. Construction contract - Wikipedia

    en.wikipedia.org/wiki/Construction_contract

    The difference between this type of contract which is a cost-based contract with lump-sum contract is that in guaranteed maximum price (GMP), if there is any savings resulted from cost under runs, then that would be stipulated price contract, and the contractors will keep the savings obtained from the cost under runs for themselves and there is ...

  8. Retainage - Wikipedia

    en.wikipedia.org/wiki/Retainage

    The concept of retainage is unique to the construction industry and attempts to do two things: provide an incentive to the contractor or subcontractor to complete the project and protect the owner against any liens, claims or defaults, which may surface as the project nears completion. [4]

  9. Engineering, procurement, and construction - Wikipedia

    en.wikipedia.org/wiki/Engineering,_procurement...

    The EPC contractor coordinates all design, procurement and construction work and ensures that the whole project is completed as required and in time. They may or may not undertake actual site work. EPC companies are often used in large-scale projects, such as power plants, refineries, chemical processing facilities, infrastructure projects, and ...