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A scheduled of rate is included in agreement for making payment of extra items. Under a lump sum contract, a “fixed price” for the work to be done is agreed upon by the client and contractor before the work begins. This contract can also be applied to both home building and commercial contracts.
The rate of interest to be applied to contractually outstanding payments is nominated in Schedule 1. Reimbursement as a result of a delay in the progress of the works The contract allows for reimbursement for causes of delay listed in clause L1.1 clause 1 to 13.
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 ...
A Contractor under a lump sum agreement will be responsible for the proper job execution and will provide its own means and methods to complete the work. [6] With a lump sum contract or fixed-price contract, the contractor assesses the value of work as per the documents available, primarily the specifications and the drawings. At pre-tender ...
The tender is treated as an offer to do the work for a certain amount of money (firm price), or a certain amount of profit (cost reimbursement or cost plus). The tender, which is submitted by the competing firms, is generally based on a bill of quantities , a bill of approximate quantities or other specifications which enable the tenders to ...
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Plasterer, a tradesperson who works with plaster, such as forming a layer of plaster on an interior wall or plaster decorative moldings on ceilings or walls. [ 10 ] Plumber , a tradesperson who specializes in installing and maintaining systems used for plumbing (drain systems), heating , drainage , fire fighting , potable (drinking) water or ...
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