Establish Sum Contract Gratis
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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.
How does lump sum contract work?
A lump sum contract (or stipulated sum contract) is the traditional means of procuring construction, and still the most common form of construction contract. Under a lump sum contract, a single 'lump sum' price for all the works is agreed before the works begin.
What is a CSA in construction?
CSA stands for Civil/Structural/Architectural (engineering and construction)
What is the difference between GMP and lump sum?
A Lump Sum contract price will always be lower than the Guaranteed Maximum Price in a GMP/Cost-Plus contract because the GMP/cost-Plus contract will include a construction contingency (typically 5% plus or minus that is not included in a Lump Sum contract amount.
What is a contract sum adjustment?
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 a 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 a prime cost sum under an ABC contract?
Prime Cost (PC) items and provisional sums (PS) are two items in a standard building contract which cause great confusion among homebuyers. A PC item is an amount of money included in a contract sum to purchase a specified item such as tiles, taps, doors or bathroom fittings.
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