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A cost estimator will typically use estimating software to estimate their bid price for a project, which will ultimately become part of a resulting construction contract. Some architects, engineers, construction managers, and others may also use cost estimating software to prepare cost estimates for purposes other than bidding such as budgeting ...
A bill of quantities is a document used in tendering in the construction industry in which materials, parts, and labor (and their costs) are itemized.It also (ideally) details the terms and conditions of the construction or repair contract and itemizes all work to enable a contractor to price the work for which he or she is bidding.
The work breakdown structure provides a common framework for the natural development of the overall planning and control of a contract and is the basis for dividing work into definable increments from which the statement of work can be developed and technical, schedule, cost, and labor hour reporting can be established. [6]
Within the context of venture capital financing, a term sheet typically includes conditions for financing a startup company.The key offering terms in such a term sheet include (a) amount raised, (b) price per share, (c) pre-money valuation, (d) liquidation preference, (e) voting rights, (f) anti-dilution provisions, and (g) registration rights.
(a) the gross amount due from customers for contract work as an asset; and (b) the gross amount due to customers for contract work as a liability. (These should be separate line-items on the face on the balance sheet.) The gross amount due from/to customers for contract work is the net amount of: (a) costs incurred plus recognized profits; less
In Design-Bid-Build, owner develops contract documents with an architect or an engineer consisting of a set of blueprints and a detailed specification. Bids are solicited from contractors based on these documents; a contract is then awarded to the lowest responsive and responsible bidder. This is the traditional model for public sector ...
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The NEC contracts now form a suite of contracts, with NEC being the brand name for the "family" of contracts. [16] When it was first launched in 1993, it was simply the "New Engineering Contract". This specific contract has been renamed the "Engineering and Construction Contract" which is the main contract used for any construction based project.