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Unit Price Contracts Introduction This section explains unit price contracts. This type of contract is used when:Unit price contracts may be used for routine contracted service requirements, where

How to fill out unit price contracts

How to fill out unit price contracts

1. Review the contract documents: Start by reading the unit price contract carefully to understand the scope of work, specifications, and any special provisions.
2. Perform quantity takeoff: Calculate the quantities of each item included in the project based on the drawings and specifications.
3. Determine unit prices: Assign a unit price for each item in the contract, considering factors such as labor, materials, equipment costs, and overhead.
4. Prepare the bid proposal: Use the unit prices to develop a detailed bid proposal, including all necessary components such as schedules, payment terms, and insurance requirements.
5. Submit the bid proposal: Send the completed bid proposal to the contracting agency or client within the designated deadline.
6. Negotiate and finalize the contract: If selected, negotiate any terms and conditions with the client and finalize the unit price contract.
7. Perform the work: Carry out the agreed-upon scope of work outlined in the unit price contract.
8. Document and submit payment requests: Keep detailed records of work completed and submit payment requests based on the quantities actually performed and the unit prices agreed upon.
9. Handle change orders: Address any changes or variations to the original contract through proper change order management procedures.
10. Complete the project: Finish the project according to the unit price contract requirements, meeting all quality standards and deadlines.
11. Close out the contract: Provide any necessary documentation and fulfill any remaining obligations to officially close out the unit price contract.

Who needs unit price contracts?

1. Public agencies: Unit price contracts are commonly used by government entities for construction and infrastructure projects.
2. Private developers: Developers often utilize unit price contracts to ensure transparency and cost control during construction projects.
3. General contractors: Contractors may choose to enter into unit price contracts when subcontracting certain portions of a project to manage costs effectively.
4. Construction managers: Construction managers may prefer unit price contracts to accurately track project expenses and facilitate cost control.
5. Engineering firms: Unit price contracts can be useful for engineering firms when working on projects that involve detailed cost estimation.
6. Subcontractors: Subcontractors may engage in unit price contracts to showcase their expertise in specific trades and secure reliable payment based on quantities performed.

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What is unit price contracts?

Unit price contracts are agreements where the total contract price is determined by multiplying the actual quantities of work performed by the fixed unit prices.

Who is required to file unit price contracts?

Contractors and subcontractors involved in construction projects are typically required to file unit price contracts.

How to fill out unit price contracts?

Unit price contracts should be filled out by detailing the specific unit prices for each item of work to be performed, along with the estimated quantities of each item.

What is the purpose of unit price contracts?

The purpose of unit price contracts is to provide a flexible pricing mechanism for construction projects, allowing for adjustments based on the actual quantities of work performed.

What information must be reported on unit price contracts?

Unit price contracts should include details on the scope of work, unit prices, estimated quantities, total contract price, and any applicable terms and conditions.