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A Schedule of Values (SOV) is a detailed schedule apportioning the original contract sum and all change orders, among all cost code divisions or portions of the work. The Schedule of Values shall be based on the approved budget or the approved Fixed Price, or GMP, Cost-Plus Contract type as applicable.
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 ...
Failure to comply with any requirement will usually result in the contractor incurring monetary liabilities. 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.
The contractor is bound by the contract to complete a list of contract items, called a punch list, in order to receive final payment from the owner. The designer (typically a licensed professional architect or engineer ) is usually also incorporated into the contract as the owner's design representative and agent , to verify that completed ...
A maximum percentage for the Contractor's overheads and profit is nominated in Schedule 1 of the contract and is applied to the value of variations (additions and omissions) Provisional Sums. A percentage nominated in Schedule 1 of the contract is applied to the difference between the provisional sum and the cost of performance of the work.
HRAs, QSEHRAs, and ICHRAS. Understanding the differences in eligible expenses between HRAs, QSEHRAs, and ICHRAs can help businesses determine which type of plan best fits their needs.
With a lump sum contract or fixed-price contract, the contractor assesses the value of work as per the documents available, primarily the specifications and the drawings. At pre-tender stage the contractor evaluates the cost to execute the project (based on the above documents such as drawings, specifications, schedules, tender instruction and ...
Italian Sea Group is not liable in relation to the fatal sinking of Mike Lynch's superyacht, which killed the British tech billionaire and six others, its chief executive said on Tuesday. The ...