The following Construction guidance note provides comprehensive and up to date legal information covering:
This Practice Note compares the pricing structures most commonly used in construction contracts. It considers lump sum, remeasurement, prime cost and target cost contracts.
(most commonly) a ‘bill of quantities’ drawn up by a quantity surveyor according to a published standard method of measurement. This lists out the items of work, labour and materials required to complete the works. During the tender process, the contractor prepares rates for each item within the bills of quantities, and the sum of each of the quantities multiplied by the relevant rates forms the contract sum
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