Prime Cost Sum

Prime Cost Sum is a sum provided for work or services to be executed by a Nominated Sub-contractor or for material s or goods to be obtained from a Nominated Supplier. Such sum shall be deemed to be exclusive of any profit or attendance required by the Contractor and provision shall be made for the …

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Bidder Evaluation Criteria

Construction companies are looking into a project often collect bids from several contractors. They are looking for the best price, technical content, and commercial consideration, should be made so that the best available offering is chosen for award. The Contracting authority needs to determine early on how it select the wining bidder. the bidder must be determined responsible as follows. Prequalification …

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Variations in construction Contracts

Variation is an additional Work to your contract scope of work and it is calculated from material, labour and overhead profit. The complexity of construction works means that it is hardly possible to complete a project without changes to the plans or the construction process itself. Construction

Lump sum contracts

A lump sum price may be called for, or a series of lumpsums. This is best suited to easily defined, relatively simple constructions,involving little below-ground work. However, some quite large above-groundconstructions are paid for by lump sum. Sometimes a separate section of thebill for pricing allows for the foundation work of a building to be …

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The contract documents

Thecontract documents in order of importance are follows Form ofcontract This is theprincipal document and will often be a printed standard form, such as one ofthe variants of the JCT Form. TheArticles of Agreement TheConditions Total contractsum Condition ofcontracts The conditionof contract is represent the legally binding agreement between the parties andcover such important as …

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What is contract?

What is contract? The contract is an agreement between the owner and the contractor as to how much the owner will pay to house that contractor to build the project.Introduction An engineering contract is a formal agreement enforceable at low between parties. There by each accept certain responsibilities and receive certain benefits. Failure in any …

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