Prime Cost Sum definition

Prime Cost Sum means an approximate sum included in the Contract to cover the cost of some particular small item of work or of some particular goods or materials to be done or supplied by the Contractor himself or by some named agency the cost of which is not known at the time the Contract is made.
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Prime Cost Sum means the sum provided for work to be executed or for materials or services to be supplied by a Nominated Sub-contractor; such sum shall be the estimated net price to be paid for such work executed or for materials or services supplied by a Nominated Sub-contractor, after deducting any trade or other discount.
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Prime Cost Sum means the amount specified by the City in the Bid Form representing an estimate for the cost of performance of a portion of the Work.
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Examples of Prime Cost Sum in a sentence

  • Such work will be reimbursed at Contractor’s actual expenditure plus overhead and profit under a Prime Cost Sum in Bill 1.

  • VB = Value of all “other materials” (out of VG and VS) issued under Schedule ‘B’ plus value of all “other materials” brought and paid or Payable to contractor under Prime Cost Sum and/or Star Rate(s).

  • A Prime Cost Sum has been provided for the cost of any permits required.

  • The Contractor shall be compensated for his expenses, overhead, labour and profit involved in procuring and delivering the materials by an amount equal to a percentage of the actual cost of the Prime Cost Sum.

  • The tendered prices for installation will not be adjusted if the actual cost of the Prime Cost item has increased or decreased from the Prime Cost Sum in the TENDER.

  • Where Prime Cost Sums for provision of MATERIAL or PRODUCT are included in the Schedule of Prices, only actual expenditures made upon the written authority of the OWNER, shall be paid out of these Prime Cost Sums, and if a Prime Cost Sum is not sufficient to cover that component of the work, then the CONTRACT PRICE shall be increased, and if the Prime Cost Sum is greater than required, the CONTRACT PRICE shall be decreased.

  • The term "Prime Cost Sum" or "P.C. Sum" wherever used in these Bills of Quantities shall have the meaning stated in Section A item A7 (ii) of the Standard Method of Measurement mentioned in Condition No. 16 of the conditions of Contract.

  • VBC = Value of all cement (out of VG and VSC) issued under Schedule ‘B’ plus value of all Cement brought and paid or Payable to contractor under Prime Cost Sum and/or Star Rate(s).

  • Vsc = Value of all cement lying at the site for incorporation in the work including cement issued under Schedule ‘B’ and including cement brought and paid or payable to contractor under Prime Cost Sum and or Star Rate(s).

  • VBC = Value of all cement (out of Vg and VSC) issued under Schedule ‘B’ plus value of all materials brought and paid or Payable to contractor under Prime Cost Sum and/or Star Rate(s).


More Definitions of Prime Cost Sum

Prime Cost Sum means a materials related monetary allowance. This provides solely for the purchase and supply to the Site of specified materials which are to be included in the Contract Works. Freedom of selection of these materials is reserved for the Principal. It does not include the costs associated with the installation of the materials and the Contractor's margins, overhead and profit. The Contract Price includes provision for these costs, margins, overhead and profit.
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Prime Cost Sum has the meaning assigned to it in 5.6.
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Prime Cost Sum means a sum so designated in the Pricing Document for work to be executed by a Nominated Sub-Contractor;
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Prime Cost Sum means a sum included in the Contract and so designated for the execution of work or services or the provision of goods or materials by a nominated sub-Contractor which sum may be used, in whole or in part, or not at all, at the direction and discretion of the Company.
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Related to Prime Cost Sum

  • Start-Up Costs means all fees, costs, and expenses incurred in connection with establishing the State Mitigation Trust and the Indian Tribe Mitigation Trust and setting them up for operation. Start-up costs shall not include the cost of premiums for insurance policies.

  • Operating Costs means the incremental expenses incurred by the Recipient on account of Project implementation, management, and monitoring, including for office space rental, utilities, and supplies, bank charges, communications, vehicle operation, maintenance, and insurance, building and equipment maintenance, advertising expenses, travel and supervision, salaries of contractual and temporary staff, but excluding salaries, fees, honoraria, and bonuses of members of the Recipient’s civil service.

  • Contract Price means the price payable to the supplier under the contract for the full and proper performance of his contractual obligations.

  • Contract Sum means the sum named in the letter of acceptance including Physical contingencies subject to such addition thereto or deduction there-from as may be made under the provisions hereinafter contained.