A unit rate may be defined as the total overall cost of a specific item description for a quantity of one unit in the bill of quantity. This one unit shall be measured according to the S.M.M. applicable. The unit rate must include the cost of all labor, material, plant, and main contractor’s subcontractor fee,…
Category: QUANTITY SURVEYING
Price Fluctuations
The cost of materials, plant, and labour used for construction works are highly varied in the market due to various reasons, such as demand variations, scarcity, taxes, changes in currency markets, seasonal factors, etc.
Bidding Strategy
Bidding strategy can be defined as the decision by a company on which work to price for and the level of profit to incorporate for successfully securing the project and maintain the financial security of the business.
Termination of a Construction Contract
Any contract rests on the agreement of the parties. It is their agreement that binds them. Therefore, by their agreement, they may be discharged.
Construction Claims
If we explain simply, it is a demand for something due. Or it may be a request, demand, and application for payment or notification of entitlement given from one party to the other party, rightly or wrongly at that stage.
Liquidated Damages
Every client tries to shift at least part of the risk onto contractors. The common form of shifting the risk is providing a liquidated damages clause in the construction agreement.
Nominated Subcontractors
Nominated subcontractor means a subcontractor who is stated in the contract as a nominated subcontractor or whom the consultant instruct the contractor
Methods of Tendering
Suitable contractor for a proposed construction project is selected by the client. There are several methods to be followed. The client has to decide whether any or all interested bidders are permitted to submit offers or will it be limited to a selected group.
Quantity surveyor
A Quantity Surveyor is a construction professional. His main expertise is primarily to carry out an estimate,project cost control and quantity take-off. His duties include commercial, risk and contract management to ensure that the party he works for gets the best value for money.
PRELIMINARIES
Preliminaries are works involved in administering a project and providing site based services and general plant facilities. Section A of SMM7 covers these items which relate to the contract as a whole and are not confined to any particular work section.