Bill of quantities meaning

Uniform Building Contractors Ltd v The Water and Sewerage Authority of Trinidad and Tobago [2026] UKPC 2 What was the background? The Privy Council appeal arose from a 2007 design-and-build, lump sum contract governed by the 1999 FIDIC Yellow Book, concluded between the Water and Sewerage Authority of Trinidad and Tobago (WASA) and Uniform Building Contractors Ltd (UBC) for the design, supply and installation of pipelines. The works were structured as two discrete packages, each on a lump-sum basis. Executed on 23 May 2007, the agreement incorporated the Yellow Book, bespoke Conditions of Particular Application, the Employer’s Requirements, together with a Bill of Quantities (BoQ). Mr Barry Paul was appointed as the Engineer under the contract. During execution, disputes between the parties arose over performance. WASA served termination notices dated 28 May and 4 June 2009. UBC commenced proceedings in May 2013, shortly before the limitation period expired, and WASA advanced a counterclaim. At first instance, the court dismissed both UBC’s claim and WASA’s counterclaim in full. WASA...

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 compiled list of changes to a standard form contract in which the parties record their agreed departures from the issued terms. Accordingly, it should be read alongside the underlying standard form. The parties should ensure any negotiated and agreed schedule of amendments is duly incorporated into the contract. Within NEC3/NEC4 suites, such alterations to the standard form are known as Z clauses. Refer to Practice Notes: Construction contract documents and Selection of standard form construction contracts, and to 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 in tendering when precise quantities are not established, or within a lump sum arrangement for pricing variations (often termed a Bill of Quantities). The tenderer...

Construction contract pricing structures This Practice Note contrasts the pricing models most often used on construction projects, considering lump sum, remeasurement, prime cost and target cost contracts. Lump sum Also referred to as: Fixed price In brief: the contract sum is settled before any works begin. Features At the outset, employer and contractor agree the total amount payable for the project, prior to commencement. The price is not remeasured as the works proceed, so adequate tender information is essential for accurate pricing. Where the contractor is not responsible for design, pricing is typically based on drawings and: a bill of quantities prepared by a quantity surveyor in line with a published standard method of measurement, listing the work items, labour and materials needed to complete the works. During tendering, the contractor inserts rates against each item in the bills of quantities, and the product of the quantities...

What is a target cost contract? A target cost contract is a form of cost-reimbursable agreement where the contractor is reimbursed the ‘actual cost’ (as typically set out in the specific contract) it incurs in delivering the works, but this is capped by a target cost agreed by the parties at the outset of the scheme and set at the start of the project. The target cost reflects the contractor’s anticipated cost of completing the project, made up of: the basic cost of the physical works (derived from a bill of quantities, schedule of rates or activity schedule), together with any necessary temporary works, sub-contractor charges and preliminary costs across the job overheads and profit a contingency covering the contractor’s risks under the contract On completion, the parties apply a formula/mechanism to determine whether there were savings and the job finished below the target cost, or whether there was an overrun and delivery exceeded the target, by reference to the agreed...