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Equipment - (1) a category of cost for organizing and summarizing costs, (2) construction equipment used to execute the project work, (3) engineered equipment such as pumps or tanks. Escalation is defined as changes in the cost or price of specific goods or services in a given economy over a period. In estimates, escalation is an allowance to ...
Labor burdens, material costs, construction equipment costs, and, if applicable, subcontractor costs are also extended on the estimate detail form. [30] Other costs and pricing are added, such as overhead, profit, sales or use taxes, payment and performance bonds, escalation, and contingency. [31]
Heavy equipment vehicles of various types parked near a highway construction site. Heavy equipment, heavy machinery, earthmovers, construction vehicles, or construction equipment, refers to heavy-duty vehicles specially designed to execute construction tasks, most frequently involving earthwork operations or other large construction tasks.
Labor and equipment costs are internal crew costs, whereas all other resource costs are received from vendors, such as material suppliers, subcontractors, and trucking companies. Labor costs are usually calculated from wages, benefits, burden, and workers' compensation. Equipment costs are calculated from purchase price, taxes, fuel consumption ...
Construction accounting involves charging construction costs to the applicable contract. Costs fall into three categories. Direct costs are labor, material, and subcontracting costs, land. [2] Indirect costs include indirect labor, supervision, tools, equipment costs, supplies, insurance, and support costs. [3]
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Uniformat is a standard for classifying building specifications, cost estimating, and cost analysis in the U.S. and Canada. The elements are major components common to most buildings. The system can be used to provide consistency in the economic evaluation of building projects.
Capital costs are fixed, one-time expenses incurred on the purchase of land, buildings, construction, and equipment used in the production of goods or in the rendering of services. In other words, it is the total cost needed to bring a project to a commercially operable status.
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