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Construction contract. 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. The owner, often referred to as the 'employer' or the 'client', [1] has full authority to ...
A lump sum contract in construction is one type of construction contract, sometimes referred to as stipulated-sum, where a single price is quoted for an entire project based on plans and specifications and covers the entire project and the owner knows exactly how much the work will cost in advance. [ 1] This type of contract requires a full and ...
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 ...
Cost-plus contract. A cost-plus contract, also termed a cost plus contract, is a contract such that a contractor is paid for all of its allowed expenses, plus additional payment to allow for a profit. [1] Cost-reimbursement contracts contrast with fixed-price contract, in which the contractor is paid a negotiated amount regardless of incurred ...
Exterior insulation and finish system ( EIFS) is a general class of non- load bearing building cladding systems that provides exterior walls with an insulated, water-resistant, finished surface in an integrated composite material system. EIFS has been in use since the 1960s in North America and was first used on masonry buildings.
Researchers have concluded that the wall, which extends over 2.7 kilometers (1.7 miles), was built by the Roman general Marcus Licinius Crassus in 71 BCE. Spartacus served in the Roman army before ...
Definition. A Basis of Estimate (BOE) is an analyzed and carefully calculated number that can be used for proposals, bidding on government contracts, and executing a project with a fully calculated budget. [2] The BOE is a tool, not just a simple calculation, it is created through careful analysis and intricate calculations that create a ...
In another video, the inspector points out that there are three things you should consider as a potential buyer before ever even submitting an offer or paying for an inspection: gutters, cracks in ...