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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 ...
In the construction industry, an allowance may be an amount allocated to a specific item of work as part of an overall contract. The person providing the allowance usually tries to control how or when money is spent by the recipient so that it meets the aims of the person providing the money.
The owner, often referred to as the 'employer' or the 'client', [1] has full authority to decide what type of contract should be used for a specific development to be constructed and to set out the legally-binding terms and conditions in a contractual agreement. [2] A construction contract is an important document as it outlines the scope of ...
A real estate contract typically does not convey or transfer ownership of real estate by itself. A different document called a deed is used to convey real estate. In a real estate contract, the type of deed to be used to convey the real estate may be specified, such as a warranty deed or a quitclaim deed. If a deed type is not specifically ...
In traditional construction contracts (known as design–bid–build contracts) the principal contractor is only engaged when a detailed design is complete. An invitation to tender is published and a number of contractors will price the construction of the design, from which a single winner will be chosen to complete the works. Contractors are ...
In real estate, the term is commonly used by banks and building societies to represent the ratio of the first mortgage line as a percentage of the total appraised value of real property. For instance, if someone borrows $130,000 to purchase a house worth $150,000, the LTV ratio is $130,000 to 150,000 or $130,000 / $150,000 , or 87%.