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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.
Sometimes contractors submit lower tenders to win the contract and win the work. Either the costs that the contractor incurs are greater than the price he is charging the client (as a consequence of a lower tender determining the contract sum), and thus is likely to go insolvent , or he will claim for "loss and/or expense" due to discrepancies ...
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 ...
A cost plus contract states that a client agrees to reimburse a construction company for building expenses such as labor, materials, and other costs, plus additional payment usually stated as a percentage of the contract's full price. This type of construction contract is an alternative to lump sum agreements.
Estimators review drawings, specifications and models to find these quantities. Experienced estimators have developed procedures to help them quantify their work. Many programs have been developed to aid in the efficiency of these processes.
Basis of estimate (BOE) is a tool used in the field of project management by which members of the project team, usually estimators, project managers, or cost analysts, calculate the total cost of the project.
Australian Construction Contracts govern how the parties to a construction contract behave and how the project manager and the contract manager administer the relationship between the parties. [1] There are several popular standard forms of construction contracts that are currently used in Australia .
Does not fit in with current contracts in regard to work variation. [13] It needs computers to allow rapid manipulation of the data: this did not exist when it was originally proposed. [14] The design team responsible for creating the operational bill need not be "very familiar with the buildability issues as they affect the construction ...