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 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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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.

  • 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.

  • 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.

  • 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).

  • The defendant intentionally used the money without the owner’s consent and contrary to the defendant’s authority.


More Definitions of Prime Cost Sum

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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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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Prime Cost Sum has the meaning assigned to it in 5.6.
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Related to Prime Cost Sum

  • Total Contract Price/Project Cost/TCO means the price payable to Service Provider over the entire period of Contract for the full and proper performance of its contractual obligations.

  • Construction Cost means and includes the cost of the entire construction of the Project, including all supervision, materials, supplies, labor, tools, equipment, transportation and/or other facilities furnished, used or consumed, without deduction on account of penalties, liquidated damages or other amounts withheld from payment to the contractor or contractors, but such cost shall not include the Consulting Engineer/Architect's fee, or other payments to the Consulting Engineer/Architect and shall not include cost of land or Rights-of-Way and Easement acquisition.

  • Direct Construction Cost means the sum of the amounts that the Construction Manager actually and necessarily incurs for General Conditions Costs, Cost of the Work and Construction Manager’s Contingency during the Construction Phase as allowed by this Agreement. Direct Construction Cost does not include Pre-Construction Phase Fees or Construction Phase Fees.

  • Construction Costs means land costs, all costs paid to construct and complete the Improvements, as specified on Exhibit "B" attached hereto and made a part hereof.

  • Maximum allowable cost list means a list of drugs for

  • Training costs means reasonable costs incurred to upgrade the technological skills of Full-Time Employees in Illinois and includes: curriculum development; training materials (including scrap product cost); trainee domestic travel expenses; instructor costs (including wages, fringe benefits, tuition and domestic travel expenses); rent, purchase or lease of training equipment; and other usual and customary training cots. “Training costs” do not include, except where the Company receives prior written approval of the Department, costs associated with travel outside the United States, wages and fringe benefits of employees during periods of training, administrative costs related to Full-Time Employees of the Taxpayer, or amounts paid to an affiliate of the Company.

  • Estimated Construction Cost or “ECC” means the amount calculated by Contractor for the total cost of all elements of the Work based on this Agreement available at the time(s) that the ECC is prepared. The ECC shall be based on current market rates with reasonable allowance for overhead, profit and price escalation and shall include and consider, without limitation, all alternates and contingencies, designed and specified by A/E and the cost of labor and materials necessary for installation of Owner furnished equipment. The ECC shall include all the cost elements included in the AACC, as defined above, and shall represent Contractor’s best current estimate of the Guaranteed Maximum Price it will propose for the Project based on the information then available. The ECC shall not include Contractor’s Pre-Construction Phase Fee, A/E’s Fees, the cost of the land and rights-of-way, or any other costs that are the direct responsibility of Owner.

  • 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.

  • Allocable Costs means costs allocable to a particular cost objective if the goods or services involved are chargeable or assignable to such cost objective in accordance with relative benefits received or other equitable relationship. Costs allocable to a specific Program may not be shifted to other Programs in order to meet deficiencies caused by overruns or other fund considerations, to avoid restrictions imposed by law or by the terms of this Agreement, or for other reasons of convenience.

  • 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.

  • Operating Cost means the costs associated with operating a multifamily development once the project is placed in service.

  • Support Cost Rate means the flat rate at which the Partner will be reimbursed by UN Women for its Support Costs, as set forth in the Partner Project Document and not exceeding a rate of 8% or the rate set forth in the Donor Specific Conditions, if that is lower. The flat rate is calculated on the eligible Direct Costs.