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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 commercial contract is an agreement containing all the work that should be performed for the construction of a commercial building or non-residential building. A skillfully constructed commercial contract can protect both parties' interests, minimize risks, and increase profitability for the contractor.
A power purchase agreement (PPA), or electricity power agreement, is a long-term contract between an electricity generator and a customer, usually an utility, government or company. [1] [2] PPAs may last anywhere between 5 and 20 years, during which time the power purchaser buys energy at a pre-negotiated price.
A Contractor under a lump sum agreement will be responsible for the proper job execution and will provide its own means and methods to complete the work. [6] 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 ...
The master service agreement serves as a master contract governing the terms over potentially multiple SOWs. Sometimes it refers to scope of work. For instance, if a project is done on contract, the scope statement included as part of it can be used as the SOW since it also outlines the work of the project in clear and concise terms. [3]
In many industries, such as engineering and construction, the development and maintenance of the project schedule is the responsibility of a full-time scheduler or team of schedulers, depending on the size and the scope of the project. The techniques of scheduling are well developed [1] but inconsistently applied throughout industry.
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