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What is contract sum?
The contract sum is the price agreed with the contractor and entered into the contract. The agreed contract sum should be calculated and checked very carefully as errors are deemed to have been accepted by both parties. As a result, contracts generally allow for the contract sum to be adjusted, for example: Variations.
What is contract sum analysis?
A Contract Sum Analysis (CSA) is an alternative pricing document to a Schedule of Works (Sow) / Bill of Quantities (Box). The Contract Sum Analysis is prepared following a review of the Employers Requirements. Subject to any negotiations, it may or may not be amended prior to execution of the Contract Documents.
What is the contract sum?
The contract sum is the price agreed with the contractor and entered into the contract. The agreed contract sum should be calculated and checked very carefully as errors are deemed to have been accepted by both parties. As a result, contracts generally allow for the contract sum to be adjusted, for example: Variations.
What is contract value in construction?
A contract value is essentially the price tag that a government contract is worth in terms of dollars. You can expect a contract for bridge construction, for example, or defense equipment and aerospace to be quite substantial.
Are provisional sums included in the contract sum?
A provisional sum is an amount of money included in the contract sum to cover work or materials, or both, the extent of which cannot be specifically detailed when entering a contract.
What is a pricing document?
Pricing Document means the document or documents prepared or completed by the Contractor and submitted by the Contractor as part of his tender in support of the Contract Sum (incorporating any amendments agreed by the parties prior to award of the Contract), a copy of which is annexed to the Agreement. Sample 1.
What is tender sum?
The tender sum is the overall pricing figure proposed by a tendering contractor in accordance with the tender pricing document. The objective of the tender pricing document is to: Enable like-for-like comparison between tenders and the cost plan (pre-tender estimate).
What is a tender in construction?
A tender is a submission made by a contractor in response to an invitation to tender. Tender documents may be prepared for a range of contracts, such as equipment supply, the main construction contract (including design by the contractor), demolition, enabling works, etc.
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