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The tender is treated as an offer to do the work for a certain amount of money (firm price), or a certain amount of profit (cost reimbursement or cost plus). The tender, which is submitted by the competing firms, is generally based on a bill of quantities , a bill of approximate quantities or other specifications which enable the tenders to ...
The construction manager and the owner agree on the overall cost of the construction project and the owner is responsible for paying that amount whether the construction project exceeds or falls below the agreed price of payment. [4] Cost plus fee: This contract provides payment for the contractor including the total cost of the project as well ...
MEP's design is important for planning, decision-making, accurate documentation, performance- and cost-estimation, construction, and operating/maintaining the resulting facilities. [ 1 ] MEP specifically encompasses the in-depth design and selection of these systems, as opposed to a tradesperson simply installing equipment.
A cost estimate is the approximation of the cost of a program, project, or operation. The cost estimate is the product of the cost estimating process. The cost estimate has a single total value and may have identifiable component values. A problem with a cost overrun can be avoided with a credible, reliable, and accurate cost estimate. A cost ...
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 ...
The 16 Divisions of construction, as defined by the Construction Specifications Institute (CSI)'s MasterFormat, is the most widely used standard for organizing specifications and other written information for commercial and institutional building projects in the U.S. and Canada.
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The Good Building Design and Construction in the Philippines is a handbook developed in cooperation with the German Technical Cooperation (GTZ), UNDP Regional Center in Bangkok, and the Secretariat of the United Nations International Strategy for Disaster Reduction. [1]