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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 ...
The face value of a life insurance policy is the death benefit. In the case of so-called "double indemnity" life insurance policies, the beneficiary receives double the face value in case of accidental death. The face value of property, casualty or health insurance policies is the maximum amount payable, as stated on the policy's face or ...
Revenues and gross profit are recognized each period based on the construction progress, in other words, the percentage of completion. Construction costs plus gross profit earned to date are accumulated in an asset account (construction in process, also called construction in progress), and progress billings are accumulated in a liability account (billing on construction in process).
United States v. Spearin, 248 U.S. 132 (1918), also referred to as the Spearin doctrine, is a 1918 United States Supreme Court decision. It remains one of the landmark construction law cases. [1] The owner impliedly warrants the information, plans and specifications which an owner provides to a general contractor. The contractor will not be ...
Codelfa Construction Pty Ltd v State Rail Authority of New South Wales, [1] ("Codelfa") is a widely cited Australian contract law case, [2] which serves as authority for the modern approach to contractual construction. [3] The case greatly influenced the development of the Eastern Suburbs railway line.
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A project value is computed for each scenario, and the expected commercial value is obtained by multiplying each situation's value by the scenario odds and adding the results. Depending on the procedures used to estimate the value of the project under each scenario, ECV can be a useful way to address project uncertainties.
A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. The two parties involved are one or more property owners and one or more contractors .