Unit Cost Rates and Composite Rates

Applying unit cost rates is a time-consuming process, but it's the most accurate method for estimating the costs of a project and is often the preferred method of estimators and builders. However, there's a method that's much faster with almost Continue reading

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Construction Contract Payment Schedule

Contract Stages, Contract Payment Schedule, or Project Milestones are all to mark specific points along a project timeline. The payment schedule during construction is referred to in most building contracts as ‘progress claims’. Milestone on the construction contract are time-related Continue reading

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Project Cost Estimation Process

Estimating is the technical process of predicting costs of construction. Preparing estimates and bidding for new jobs is not a cheap operation. The cost of preparing estimates and bidding is accounted for under general overhead or the cost of doing Continue reading

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Waste Factors in Costing Building Projects

Waste is a product or material that is unwanted. waste can be defined as non-value-adding works. The term non-value-adding activity is used to differentiate between physical construction waste found on-site and other waste which occurs during the construction process Wastes Continue reading

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Primed Cost (PC) and Provisional Sum (PS) Items

Prime cost and provisional sums are those costs that cannot be accurately costed in the contract stage. So, Builders or Estimators just do their best guess and calculate it as an allowance. It saves time in going to contract stage Continue reading

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