article thumbnail

A glossary of terms with reference to Construction Cost Estimating

Construction Cost Estimating

Some refer to these risks as "known-unknowns" because the estimator is aware of them, and based on past experience, can even estimate their probable costs. The estimated costs of the known-unknowns is referred to by cost estimators as cost contingency. RSMeans refers to this as, "Price the quantities."

article thumbnail

Job Order Contract Execution Guide – Sample Template

Job Order Contracting

Each project will encompass detailed line item construction task and reference specifications encompassing improvements, alterations, renovation, remodeling, major repairs, and minor new construction associated with ORGANIZATION NAME structures and properties. coefficient (reference table of allowable overhead). authorization.

Contract 100
professionals

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

6 Tips for Getting Paid Now – Not Later

PSMJ Resources

Refer to article 9 of AIA Document B101-2007 for guidance. Also consider holding the retainer until you've received final payment, all final paperwork, guarantees, warranties, maintenance manuals, asbuilt drawings, and other traditional deliverables. Understand what your overhead factors are. Don't design for free.

article thumbnail

Rory Woolsey's Construction Estimating Blog: Mark It Up!

Rory Woolsey

“ What are the” appropriate” markups for overhead, profit and contingency when budgeting facilities construction projects?” Beyond this, the installing contractor’s overhead(s) and profit will need to be added. Overhead: Overhead is the markup for the general contractor’s home office overhead.

article thumbnail

16 Things Every Contractor Should Know When Bidding a Job Order Contract

Job Order Contracting

For example, are drawings given to the general contractor 50% of the time? Information should include a description of current conditions including access, materials, dimensions, and a drawing/PDF, as well as a description and drawing/PDF of requirements. The Owner simply references their existing Technical Specifications. .

Bidding 100
article thumbnail

Job Order Contracting Glossary

Building Information Management

It is sometimes use synonymously with the term “Coefficient”, and sometime refers to a cost localization factor that is used in addition to the “Coefficient”. The proposal may also contain approved drawings, work schedule, permits, or other documentation as the school district may require for a specific job order. See Coefficient).

article thumbnail

Data Scientists Reveal 5 Surprising Construction Insights to Manage Risk 

Autodesk Construction Cloud

To understand how data insights can inform success outcomes for the construction industry, Scott refers to a framework of Data – Information – Knowledge – Wisdom. An example of a data point might be the number of overhead mechanical racks installed on the job that day, or logging the root cause of a safety incident.

Risk 52