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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]
Provisional Sums. A percentage nominated in the Annexure is applied to the amount actually paid for each provisional sum and can therefore result in an increase or decrease in the contract sum depending on whether the actual amount was more or less than the provisional allowance. Failure To Pay. The rate of interest is stated in the Annexure.
Example: 223 in Boston / 187 in Austin = 1.19. The location cost factor is used to adjust the cost from one location to another. To adjust a known cost in Austin to that in Boston, multiply the Austin cost by 1.19. See also City cost index. Lump sum – "the complete in-place cost of a system, a subsystem, a particular item, or an entire ...
Variable costs are the sum of marginal costs over all units produced. They can also be considered normal costs. Fixed costs and variable costs make up the two components of total cost. Direct costs are costs that can easily be associated with a particular cost object. [2] However, not all variable costs are direct costs.
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.
When it comes to investing, there are all types of theories and strategies. One of the most debated is whether you should invest all of your money right away when you get it, or spread out your...
Markup price = (unit cost * markup percentage) Markup price = $450 * 0.12 Markup price = $54 Sales Price = unit cost + markup price. Sales Price= $450 + $54 Sales Price = $504 Ultimately, the $54 markup price is the shop's margin of profit. Cost-plus pricing is common and there are many examples where the margin is transparent to buyers. [4]
In economics, the cost-of-production theory of value is the theory that the price of an object or condition is determined by the sum of the cost of the resources that went into making it. The cost can comprise any of the factors of production (including labor, capital, or land) and taxation .