3. Unit price contracts Unit price contractsset a fixed price for a distinct, repeatable aspect of a project, which is defined as a “unit.” For example, a contractor building 10 miles of highway may sign a unit price contract, with each mile of highway representing a unit. The same ...
While both are technically multi-family units, there is a significant difference in scale, cost, building materials, and engineering needs. From the perspective of both owners and contractors, construction of a high-density residential project (like a high-rise apartment building) generally has more...
building maintenance contractstypesassessmentSaudi ArabiaThe study revealed that Fixed Price, Cost Plus and Purchased Labour contracts are the top three maintenance contracts adopted whilst Unit Price, Cost Plus A Percentage Fee contracts are alternatives used in the Kingdom. Some other types of ...
Procurement professionals must continually monitor supplier performance to ensure contracts are being fulfilled and that any issues are dealt with promptly. Manage supplier relationships. This involves building strong relationships with suppliers and working with them to ensure that all needs are met.by...
Building a solid relationship with your manufacturer is also vital. Clear communication, mutual trust, and a shared commitment to quality can go a long way in ensuring a successful partnership. Manufacturing and the supply chain While manufacturing is the backbone of the production process, it doesn...
GanttPRO greatly assists in different kinds of construction management work, from home engineering to building heavy industrial objects. Here’s the feedback of Peter Stone, a project manager atKenWood Construction, LLC: One of the reasons that I advocated for GanttPRO to the owner was that thi...
In the procurement process, various documents, such as requests for proposals, purchase orders, contracts, and invoices, are created and managed. These documents help organizations comply with legal and regulatory requirements. Accurate records of all involved transactions must be maintained to ensure co...
Loss payments also are limited to the amount of an insured person’s insurable interest. Thus, if a homeowner has only a one-half interest in a building, the recovery is limited to one-half of the insured loss. The co-owners would need to have arranged insurance for their interest....
Example of a Cost-Plus Contract Assume ABC Construction Corp. has a contract to build a $20 million office building, and the agreement states that costs cannot exceed $22 million. ABC’s profit is agreed at 15% of the contract’s full price, or $3 million. Additionally, ABC Construction...
A depository can be a facility or institution, such as a building, office, or warehouse, where something is deposited for storage or safeguarding. Depositories also may be organizations, banks, or institutions that hold currency or securities and assist in the trading of securities. ...