Schedule of rates/prices Definition

GLOSSARY

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What does Schedule of rates/prices mean?

A schedule used for tendering where exact quantities are unknown or in a lump sum contract for the pricing of variations (where it is sometimes known as a bill of quantities). The tenderer gives a unit price for each item of work to be done, as described in the schedule. The unit price is then later multiplied by the actual quantity of such item determined by the remeasurement.

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Construction Glossary—S

Construction Glossary—S A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Schedule of amendments A set of amendments to a standard form contract whereby the parties set out agreed amendments to the published terms. This schedule must therefore be read in conjunction with the standard form. The parties must ensure that any schedule of amendments which they negotiate and agree is properly incorporated into the contract. In the NEC3/NEC4 contracts, amendments to the standard form are referred to as Z clauses. See Practice Notes: Construction contract documents and Selection of standard form construction contracts, and our relevant Precedent schedules under the Precedents tab in subtopics: JCT contracts 2024—overview, JCT contracts 2016, JCT contracts 2011, NEC contracts and Other standard form construction contracts. Schedule of rates/prices A schedule used for tendering where exact quantities are unknown or in a lump sum contract for the pricing of variations (where it...

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