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This is in contrast to traditional prescribed building codes, which mandate specific construction practises, such as stud size and distance between studs in wooden frame construction. [1] Such an approach provides the freedom to develop tools and methods to evaluate the entire life cycle of the building process, from the business dealings, to ...
Revenues and gross profit are recognized each period based on the construction progress, in other words, the percentage of completion. Construction costs plus gross profit earned to date are accumulated in an asset account (construction in process, also called construction in progress), and progress billings are accumulated in a liability account (billing on construction in process).
This involves reviewing the project's plans and specifications to produce a take-off or quantity survey, which is a listing of all the materials and items of work required for a construction project by the construction documents. Together with prices for these components, the measured quantities are the basis for calculation of the direct cost.
The construction documents, specifically the technical specifications, require the contractor to submit product data, samples, and shop drawings to the architect and engineer for approval. This is one of the first steps that is taken by the contractor after execution of the construction contract and issuance of the "Notice to Proceed".
There are several different building performance standards widely used for designing building codes and energy-efficiency certifications. For instance, the standards produced by ASHRAE (American Society of Heating, Refrigeration, and Air Conditioning Engineers) and the IECC (International Energy Conservation Code) have been widely used to inform local building codes and energy-efficiency ...
A bill of quantities is a document used in tendering in the construction industry in which materials, parts, and labor (and their costs) are itemized. It also (ideally) details the terms and conditions of the construction or repair contract and itemizes all work to enable a contractor to price the work for which he or she is bidding. The ...