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What is the schedule of works document?

A Schedule of Works is a contractual document used to capture a description of a building project, essentially a list of tasks needed to be completed to finish the project. It is generally used in combination with drawn information and any supporting documents to help record and price building work.

What is the meaning of handed version?

made as specified for either left- or right-hand operation or positioning. Collins English Dictionary. Copyright HarperCollins Publishers.

What is the meaning of hand in construction?

Definition of Handing in Construction Descriptive term used to identify the location of the hinges, strike, and swing or slide direction of a door or window.

What does job in hand mean in construction?

phrase. The job or problem in hand is the job or problem that you are dealing with at the moment.

What is a work on hand schedule?

Work on hand means the total uncompleted work for which the bidder is a prime contractor or subcontractor, excluding any work that the bidder has subcontracted to other contractors.

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What is lump sum project?

A lump sum contract in construction is one type of construction contract, sometimes referred to as stipulated-sum, where a single price is quoted for an entire project based on plans and specifications and covers the entire project and the owner knows exactly how much the work will cost in advance.

What is a WIP Schedule?

The work-in-progress schedule (or WIP report) essentially shows contractors whether active jobs are overbilled or underbilled. That difference will boil down to whos actually funding the project. The goal is typically for project cash to come from your customer, through overbillings (or, billings in excess of costs).

What is work on hand in construction?

Work on hand means the total uncompleted work for which the bidder is a prime contractor or subcontractor, excluding any work that the bidder has subcontracted to other contractors.

How do I create a WIP Schedule?

The four basic elements necessary to prepare a WIP schedule are transaction price, costs incurred to date, estimated cost to complete and billings to date. Transaction Price. Costs Incurred. Estimated Cost to Complete. Billings. New Revenue Recognition Guidance. Conclusion.

What is daywork in construction?

Daywork is a means by which a contractor is paid for specifically instructed work on the basis of the cost of labour, materials and plant plus a mark up for overheads and profit. It is generally used when work cannot be priced in the normal way.

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