Search results
Results from the WOW.Com Content Network
A guaranteed maximum price (also known as GMP, not-to-exceed price, NTE, or NTX) contract is a cost-type contract (also known as an open-book contract) such that the contractor is compensated for actual costs incurred plus a fixed fee, which is limited to a maximum price. The contractor is responsible for cost overruns greater than the ...
Construction cost management is a fee-based service in which the construction manager (CM) is responsible exclusively to the owner, acting in the owner's interests at every stage of the project. The construction manager offers impartial advice on matters such as: Optimum use of available funds; Control of the scope of the work; Project scheduling
COBie has been incorporated into software for planning, design, construction, commissioning, operations, maintenance, and asset management. COBie may take several approved formats include spreadsheet, STEP-Part 21 (also called IFC file format), and ifcXML. The current COBie test data of record was developed by an international team of designers ...
A construction general contractor or subcontractor must normally prepare definitive cost estimates to prepare bids in the construction bidding process to compete for award of the contract. Although many estimators participate in the bidding and procurement processes, those are not a necessary function of cost estimate preparation.
Report delivery format Assess whether the analysis is delivered in a format you can use (e.g., downloadable PDF or Excel files). Availability of ancillary planning services
The cost contingency which is included in a cost estimate, bid, or budget may be classified as to its general purpose, that is what it is intended to provide for. For a class 1 construction cost estimate, usually needed for a bid estimate, the contingency may be classified as an estimating and contracting contingency.
Obtaining construction loans are easier with this type of contract. [9] [8] The profit margins and percentages are greater for engineers and contractors. [8] [9] Payments and instalments are made on regular basis which provides the contractor with a reliable cash flow. [8] [9] Management of the contract is a lot easier for the owner. [8] [9]
The concept of retainage is unique to the construction industry and attempts to do two things: provide an incentive to the contractor or subcontractor to complete the project and protect the owner against any liens, claims or defaults, which may surface as the project nears completion. [4]