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There are three main types of construction contract, identified according to the mechanism for calculating the sum due to be paid by the employer: lump sum contracts, re-measurement contracts and cost-reimbursable contracts. The different types vary primarily with regard to who takes the risks involved, which party has to pay for the cost over ...
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.
To add greater consistency to the benchmarking, measuring, and reporting of construction project costs, International Construction Measurement Standards [14] were published in July 2017. The coalition for International Land Measurement Standards – aiding consistency of interpretation and documentation of tenure – launched in June 2016.
The Civil Engineering Standard Method of Measurement (commonly known as CESMM3) sets out a procedure for the preparation of a bill of quantities for civil engineering works, for pricing and for expression and measurement of quantities of work.
Land surveys and surveys of existing conditions are generally performed according to geodesic coordinates. However, for the purposes of construction a more suitable coordinate system will often be used. During construction surveying, the surveyor will often have to convert from geodesic coordinates to the coordinate system used for that project.
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).
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