Prime Cost Vs Provisional Sum. G PRIME COST AND PROVISIONAL SUMS There is sometimes confusion regarding two items that may appear in standard forms of building contract - prime cost sums (PC or PC sums) and provisional sums (PS) The HIA ACT Residential Building Contract for New Dwellings Contract and/or the Alterations and Additions Contract have provisions for prime cost and provisional sum items
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Understanding Provisional Sums and Prime Cost allowances is crucial for effective budget management in construction projects This is distinct from provisional sum items that include an allowance for the labour costs
Prime Cost and Provisional Sums PDF Business
Typically, prime cost items are things like cooktops, ovens, vanities, tapware and the like. Provisional Sums are treated in a similar way to Prime Costs, whereby you pay the difference between the actual amount and the originally estimated amount plus the builder's margin - unless the actual amount is less than the estimated amount, in which case you are credited the cost difference. What Provisional Sums and Prime Costs in construction have in common - They both can go up or down, Provisional and Prime cost sums often cause a contract value to increase or decrease.
PPT Principles of Cost Accounting 14E PowerPoint Presentation, free download ID571358. The difference between a prime cost sum and a provisional sum - Designing Buildings - Share your construction industry knowledge This is distinct from provisional sum items that include an allowance for the labour costs
Provisional Sum & Prime Cost Detail Explanation quantitysurveying YouTube. The HIA ACT Residential Building Contract for New Dwellings Contract and/or the Alterations and Additions Contract have provisions for prime cost and provisional sum items What Provisional Sums and Prime Costs in construction have in common - They both can go up or down, Provisional and Prime cost sums often cause a contract value to increase or decrease.