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Typical Lump Sum Contract Structure. A lump sum contract in construction is one type of construction contract, sometimes referred to as stipulated-sum, where a single price is quoted for an entire project based on plans and specifications and covers the entire project and the owner knows exactly how much the work will cost in advance. [1]
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A request for quotation (RfQ) is a business process in which a company or public entity requests a quote from a supplier for the purchase of specific products or services. RfQ generally means the same thing as Call for bids (CfB) and Invitation for bid (IfB). [1] An RfQ typically involves more than the price per item.
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 company's first major project was the construction of the Rand Sports Stadium in Johannesburg followed by contracts for the Pretoria and Johannesburg power stations. . Another initial project was the Storms River bridge which was designed by Dr. Riccardo Morandi of Rome, this bridge was for many years the highest and longest single span bridge in South Afr
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In 1972, the union absorbed the Coloured, Malay and Asiatic Building Workers' Union, followed in 1980 by the majority of the Amalgamated Society of Woodworkers of South Africa. This took its membership up to 19,000. [7] In 1991, it was a founding affiliate of the short-lived Federation of Independent Trade Unions. [8]