What is contingencies in bill of quantities?

What is contingencies in bill of quantities?

A Contingency is an item found within a Bill of quantities (BoQ). This item refers to unforeseeable costs or risks likely to be incurred during the contract.

What are preambles in BoQ?

The various sections within this document are preambles to the sections of the Bill of Quantities. They give a detailed description of the work involved and of the conditions under which and the manner in which the work is to be done and measured, for each item of the Bill of Quantities.

What is the meaning of contingency sum?

A contingency sum is an amount of money, usually expressed as a percentage, included in the project budget to allow for the unknown or unresolved aspects of a design.

What are bill of quantities?

A bill of quantities (sometimes referred to as a ‘BoQ’ or ‘BQ’) is a document, typically prepared by a cost consultant (often a quantity surveyor) that provides measured quantities of the items of work identified by the drawings and specifications in the tender documentation for a project.

What is design contingency?

A budget allowance used during the design phase of the project to cover the cost of design parameters and requirements that become known as the design develops. The contingency amount typically starts out as 10-15% at the start of design and is reduced as the design progresses.

What is development contingency?

Developer Contingency means with respect to any NCF Phase an amount equal to 5% of the Cost of the Work (excluding fees paid to Developer), which shall be included in each GMP and may be used by Developer in its discretion to pay for Costs of the Work (which shall not include any Developer NDEC Costs (as defined below) …

What is the difference between preamble and preliminaries?

Preliminaries and work sections together describe what is required to complete the works required by the contract. A preamble is an explanation of a document, commonly found in contracts, specifications and bills of quantities.

What is a synonym for preamble?

OTHER WORDS FOR preamble 1 opening, beginning; foreword, prologue, prelude. See synonyms for preamble on Thesaurus.com.

What is contingency in civil engineering?

The term `contingency’ represents any incidental or miscellaneous character that cannot be classified under any distinct item sub-head, yet pertain to the work as a whole. contingencies in civil engineering is important while preparing estimate of any construction project.

What is abstracting in quantity Surveying?

Abstraction is the process of collating all the quantities ‘taken off’ into a single total for each element that can then be transferred into the bill of quantities. The estimator will then have a final quantity for all the facing brickwork that will be used in the bill of quantities.

What is takeoff?

1a : to start off or away often suddenly : set out, depart took off for her trip. b : to leave the surface : begin flight.

What is a contingency budget?

A contingency budget is money set aside to cover unexpected costs during the construction process. This money is on reserve and not allocated to one area of the work, and simply “insurance” against other costs.