Common use of Valuation Methods Clause in Contracts

Valuation Methods. Subject to Clause 19.3, all variations shall be valued as follows: (1) Where the varied work is of a similar character to, is executed under similar conditions as and does not significantly change the quantity of work described in this Contract, the Rates for the Works as set out in this Contract shall determine the valuation; or (2) Where the varied work is of similar character to work described in the Contract but is not executed under similar conditions of such work described in this Contract or involves significant changes in the quantity of such work described in this Contract, the Rates for the Works as set out in this Contract shall be the basis for determining the valuation but with a fair allowance for any differences in such conditions and/or quantity; or (3) Where (1) and (2) above do not apply, then by measurement and valuation at fair market rates and prices; (4) Where none of the above methods is applicable or appropriate in the circumstances of the particular varied work, then the valuation shall be based on the cost of necessary Plant, materials or goods, labour and any additional equipment necessary for the execution of the varied work plus fifteen per cent (15%). This percentage shall be deemed to compensate adequately the Contractor in respect of all supervision, the use of Construction Equipment, overheads, profit and all other losses, expenses, costs or damages incurred in or connected with the execution of the varied work; (5) The Rates for the Works as set out in this Contract shall determine the valuation of items omitted; PROVIDED THAT if omissions vary the conditions under which any remaining items of work are carried out, the values for such remaining items shall be determined under Clauses 20.1 (2) or (3) or (4) as the case may be.

Valuation Methods. Subject to Clause 19.319.3 and Clause 20.4, all variations shall be valued as follows: (1) Where the varied work is of a similar character to, is executed under similar conditions as and does not significantly change the quantity of work described in this Contract, the Rates for the Works as set out in this Contract shall determine the valuation; or (2) Where the varied work is of similar character to work described in the Contract but is not executed under similar conditions of such work described in this Contract or involves significant changes in the quantity of such work described in this Contract, the Rates for the Works as set out in this Contract shall be the basis for determining the valuation but with a fair allowance for any differences in such conditions and/or quantity; or (3) Where (1) and (2) above do not apply, then by measurement and valuation at fair market rates and prices; (4) Where none of the above methods is applicable or appropriate in the circumstances of the particular varied work, then the valuation shall be based on the cost of necessary Plant, materials or goods, labour and any additional equipment necessary for the execution of the varied work plus fifteen per cent (15%). This percentage shall be deemed to compensate adequately the Contractor in respect of all supervision, the use of Construction Equipment, overheads, profit and all other losses, expenses, costs or damages incurred in or connected with the execution of the varied work; (5) The Rates for the Works as set out in this Contract shall determine the valuation of items omitted; PROVIDED THAT , provided that if the omissions vary the conditions under which any remaining items of work are carried out, the values for such remaining items shall be determined under Clauses 20.1 (220.1(2) or (3) or (4) as the case may be.