What does prosum mean in latin?
prosum [prodesse, profui, profuturus] verb. be useful, be advantageous, benefit, profit (with DAT) ▼ verb.
What does pro sum mean?
(with a dative) I am useful or of use, do good, help, benefit, profit.
What is the purpose of a provisional sum?
Provisional sums are used where the principal wishes to enter into a contract to enable the project to commence, even though the design for parts of the project is not yet finalised.
What is a contingency sum?
A contingency sum is an item found within a bill of quantities. The item refers to unforeseeable cost likely to be incurred during the contract.
What are the two situations provisional sums are often used?
Provisional sums are often used in two situations: Where the precise details of a part of the works is not finalised. For example when part of the site is hidden (perhaps underground or within the fabric of a building) and cannot be fully investigated prior to commencing the works.
Why contingency sum is important?
A contingency sum should be used during the design and construction phases of the project. The use of a contingency sum allows the design to evolve in an orderly fashion while ensuring that you are aware of the likely total ‘end cost’.
How much is the contingency?
How much contingency will I need? Most construction projects use a rate of 5%-10% from the total budget to determine contingency. Typically that will cover any extra costs that might come up. However, it is often a bad idea to use a rate less than that, depending on the scale of the project.
What is a 5% contingency?
A construction contingency is the amount of money allocated to pay for additional or unexpected costs during the construction project. Typically, a 5-10% calculation of the construction budget should be allocated to your construction contingency.
What does contingency sum mean?
What is meant by provisional sum?
A provisional sum is an allowance (or best guess), usually estimated by a cost consultant, that is inserted into tender documents for a specific element of the works that is not yet defined in enough detail for tenderers to accurately price.
What is a good percentage for contingency?
5-10%
A construction contingency is the amount of money allocated to pay for additional or unexpected costs during the construction project. Typically, a 5-10% calculation of the construction budget should be allocated to your construction contingency.
What is BQ in tender?
The prime purpose of the Bill of Quantities (BQ) is to enable all contractors tendering for a contract to price on exactly the same information. Subsequent to this, it is widely used for post-tender work such as: material scheduling; construction planning; cost analysis; and cost planning.