Quantity surveying and estimating
13 terms. Combine with other filters.
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Change order
A written amendment to the construction contract, signed by the owner and contractor, recording an agreed change in the work together with any adjustment to the contract price and time.
Final payment
The last payment under a construction contract, certified once the work is complete, deficiencies are corrected, close-out documents are delivered and lien periods have expired.
Progress payment
A periodic payment, usually monthly, to the contractor for the value of work completed and materials supplied during the period, less holdback and previous payments.
Stipulated price contract
A construction contract in which the contractor agrees to perform a defined scope of work for a fixed total price, adjusted only through the contract's change provisions.
Work breakdown structure (WBS)
A hierarchical breakdown of the entire scope of a project into progressively smaller deliverables and work packages that can be estimated, scheduled, assigned and tracked.
Going further
Change directive
A written instruction from the consultant, signed by the owner, directing the contractor to proceed with a change to the work before the price and time adjustments have been agreed.
Contemplated change notice (CCN)
A written request from the consultant or owner asking the contractor to price a proposed change before it is approved; it does not authorize the contractor to do the work.
Cost estimate classification
A system that grades cost estimates into classes (Class 5 to Class 1 in AACE International practice) according to how mature the project definition is, which in turn indicates the estimate's expected accuracy range and appropriate use.
Cost plus contract
A construction contract in which the owner reimburses the contractor's actual costs of the work plus a fee, which may be fixed or a percentage, sometimes capped by a guaranteed maximum price.
Earned value management (EVM)
A method that integrates scope, schedule and cost by comparing the budgeted value of work planned, the budgeted value of work actually performed, and the actual cost, to measure performance and forecast outcomes.
Holdback
A percentage of each payment that the payer must retain under lien legislation — 10% in Ontario — until the period for registering construction liens has expired, as security for subcontractors and suppliers.
Tender
A formal, competitive bid submitted in response to an owner's call for bids, offering to perform defined work on stated terms; also the process of calling and evaluating such bids.
Unit price contract
A construction contract priced on rates per unit of work (per cubic metre, tonne, linear metre and so on), with payment based on the quantities actually installed and measured.