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The Hudson Formula derives from Hudson's Building and Engineering Contracts and is used for the assessment of delay damages in construction claims.. The formula is: (Head Office overheads + profit percentage) ÷ 100 x contract sum ÷ period in weeks x delay in weeks
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 ...
Expectation damages include: Benefit of bargain; Lost profit; Cost of cure [4] Reliance interest - interest created based on reliance on contract or promise. Restitutionary interest; For award of damages for loss under a building contract, "the prima facie rule is cost of cure, which means the cost of remedying the defect. [5]
Construction-only or two-time close loan: Your initial loan pays for the construction, and comes due once the project is complete. You then take out a regular mortgage, which you use to repay the ...
Under “Loan costs,” you get a breakdown of the following services along with their costs in the left-hand column: A: Origination charges – Your lender charges a fee for initiating the ...
While the average home equity loan closing costs can be comparable to primary mortgages — a range of 2–5 percent of the total loan — they’re often much less, amounting to around 1 percent.
This could include back-pay, job reinstatement, attorney's fees, expert witness fees, court costs, other compensatory damages, and punitive damages. Age-based discrimination and gender-based wage discrimination are not eligible for compensatory or punitive damages, but instead are limited to liquidated damages equal to the amount of back pay.
Soft Cost is a construction industry term but more specifically a contractor accounting term for an expense item that is not considered direct construction cost. Soft costs include architectural, engineering, financing, and legal fees, and other pre- and post-construction expenses. [ 1 ]