Prime Cost definition

Prime Cost. Is a specific type of Provisional Sum where payment is made on the production of invoices showing the cost price of the implementation or installation of the service required. Services rendered in this manner carry a cost for which a rate or a lump sum is offered at tender stage to cover all the tenderer’s handling, supervision and liability costs in providing the item or services.

Prime Cost means an item (eg. a fixture or a fitting) that either has not yet been selected or whose price is not known at the time the Contract is entered into and for the cost of supply and delivery of which the Builder must make a reasonable allowance in this Contract;

Prime Cost items in the specifications are for goods to be obtained by the Contractor under such conditions as the Employer shall instruct. Such goods shall be fixed by the Contractor and shall at the settlement of the accounts be dealt with as follows: The contract sum shall be adjusted by omission of all such Prime Cost amounts, and the addition of the sums actually paid by the Contractor in respect thereof, but excluding any trade discount or allowances. Where the Contractor has incurred expense for special packing or special carriage, it shall be allowed for the same as part of the sums actually paid by it, The same shall apply to provisional amounts dedicated to artists and nominated sub- contractors. The Contractor shall permit the execution of work, not provided for in the specifications, by artists, craftsmen, or other like specialists engaged by the Employer. Every such person shall be deemed to be a person for whom the Employer is responsible and not to be a nominated sub-contractor.

Examples of Prime Cost in a sentence

• A price or rate shall be entered in indelible ink against every item in the Bills of Quantities with the exception of items which already have Prime Cost or Provisional sums affixed thereto.

• Providing always that in determining the percentage or proportion of the sum so added or deducted by the contractor, the total amount of any Prime Cost items and provisional sums of money shall be deducted from the total amount of the Tender.

• The Error Correction Factor shall be computed by expressing the difference between the tender amount and the corrected tender sum as a percentage of the corrected work items (i.e. corrected tender sum less Prime Cost and Provisional Sums.

• The Error Correction Factor shall be computed by expressing the difference between the tender amount and the corrected tender sum as a percentage of the corrected builder’s work (i.e. corrected tender sum less Prime Cost and Provisional Sums.

• A price or rate shall be entered in indelible ink against every item in the Bills of Quantities with the exception of items which already have Prime Cost or Provisional sums affixed thereto and items that have been indicated as Not Applicable (N/A).

More Definitions of Prime Cost

Prime Cost or abbreviation “P.C. Sum” means a sum for works or services to be executed by a Nominated Sub-Contractor or sums for materials or goods to be obtained from a Nominated Supplier;

Prime Cost and “Prime Cost Sum” shall mean the amount actually paid by the Contractor for an article, commodity or special work and shall include all proper charges for packing carriage and delivery to site after deduction of all trade discounts rebates and allowances and the discount obtainable for cash in so far as such discount for each exceed 2.5 percent.

Prime Cost means the fee set out at Appendix A annexed at Part 1 of the Schedule;

Prime Cost means an item (e.g. a fixture or a fitting) that either has not yet been selected or whose price is not known at the time the Contract is entered into and for the cost of supply and delivery of which the Builder must make a reasonable allowance in this Contract;

Prime Cost in this Agreement shall mean the costs ascertained in accordance with the definition contained in Schedule 1 hereto.

Prime Cost means the costs ascertained in accordance with the definition contained in the Schedule 1 hereto. Proposed HOTEL & CASINO DEVELOPMENT Part I - General Conditions

Prime Cost means the estimated cost of an item (e.g. a fixture or a fitting) which, when the Authority to Proceed was signed by You, either had not been selected by You in connection with the Scope of Works or its price was not known yet. “Property” means the property on which Works are to be completed, as specified in the Scope of Works.