VALUE OF WORK Clause Samples
The "Value of Work" clause defines how the monetary worth of completed work is determined under a contract. Typically, it outlines the methods for assessing the value of labor, materials, and services provided up to a certain point, often referencing agreed-upon rates, schedules, or progress milestones. This clause ensures that both parties have a clear and fair basis for interim or final payments, reducing disputes over compensation and providing a transparent mechanism for valuing work performed.
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VALUE OF WORK. Where for any one claim pursuant to this Agreement, in ▇▇▇▇▇▇’ or the Warranty Administrator’s (whichever one undertakes the assessment) sole opinion the value of the work required to make good any mechanical fault or to cause or procure such fault to be made good exceeds $1,000.00 including GST, then ▇▇▇▇▇▇ shall only be liable to carry out work or cause or procure work to be carried out at its expense to a value of $1,000.00 including GST and ▇▇▇▇▇▇’ liability to the Owner for any one claim is limited to that amount. “GST” means the goods and services tax under A New Tax System (Goods and Services Tax) ▇▇▇ ▇▇▇▇.
VALUE OF WORK in-progress
VALUE OF WORK. The Value of the Work shall be determined as follows:
VALUE OF WORK. The Owner will determine the value of any Work covered by a claim for an increase or decrease in the Contract Price by using one or more of the following methods in the listed order of precedence:
(1) Unit prices previously approved;
(2) An agreed-upon lump sum amount; or
(3) The actual cost for labor, direct overhead, materials, supplies, equipment, and other services necessary to complete the item of Work plus an agreed upon amount not to exceed 15 percent of the actual cost of the item of Work to cover the cost of the Contractor’s general overhead and profit.
VALUE OF WORK. The value of any Work covered by a Change Order or of any claim for an increase or decrease in the Contract Price shall be determined in one of the ways listed herein:
A. Where the Work involved is covered by unit prices contained in the Contract Documents, by application of unit prices to the quantities of the units involved.
B. By mutual written agreement to a lump sum amount, CONTRACTOR shall furnish an itemized cost breakdown together with supporting data including the quantities used in computing the lump sum.
C. On the basis of the Cost of the Work (determined as provided in Paragraph 12.4) plus a Contractor's Fee for overhead and profit (determined as provided in Paragraph 12.5).
D. Through the use of the alternate dispute resolution process set forth in Article 17 herein.
VALUE OF WORK. The proposed value of work has been calculated on the basis of drawings supplied by the Architect. Also applicable service taxes will be paid with respect to value of work done during running account bills/ payment & final ▇▇▇▇/ payment etc. Quoted/ Accepted Rate @ Rs. _____________per Square feet In words (Rupees__________________only) Calculated Amount Rs. ________________/- -A In words (Rupees _______________ only) Taxes @ 18%__________________ - B Total (A + B ) = Rs ___________________ Construction Committee will deduct TDS and any other applicable taxes from the ▇.▇ ▇▇▇▇▇ submitted by the contractor from to time. Note: The quantities/ amount referred are provisional and may deviate as per site/ structural requirement. You shall provide activity wise bar chart within five days of this agreement and also submit schedule of requirement of Cement & Steel in addition to payment schedule.
VALUE OF WORK. The reduction of the irrevocable unconditional bank guarantee pursuant to Article
VALUE OF WORK. [Refer to 'Cl.45A (b)' of Section-I: 'Instruction to Bidders']
VALUE OF WORK. The reduction of the irrevocable unconditional bank guarantee pursuant to Article 3.8 of the Agreement or the determination of the non performance compensation/liquidated damages pursuant to Article 3.4 of the Agreement, shall be based on the value of the Work Units that have been completed or not competed by the Working Interest Owner, irrespective of whether the actual cost of the work has been more or less than the value of the Work Units.