LUMP SUM DOCUMENT definition

LUMP SUM DOCUMENT means the document providing the lump sum amount priced by the contractor to reflect the contract sum and is based upon the contract documents where bills of quantities are not used. Such document may include the Preliminaries and a schedule of rates drawn up according to the Standard System of Measuring Building Work or other measuring system as stated in the schedule.
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LUMP SUM DOCUMENT means the document providing the lump sum amount priced by the contractor to reflect the contract sum and is based on the contract documents where bills of quantities are not used. Such a document may include the JBCC Preliminaries and a schedule of rates drawn up according to the measuring system as stated in the schedule In edition 5.0 (Reprint 1) of July 2007 the definition was left out and reference to ‘lump sum’ contracts appeared under The Agreement Structure where it is stated “The Agreement, in catering for both bills of quantities and lump sum contracts, brings about …” No reference to ‘lump sum’ contracts is made in edition 6.2 of May 2018 The definition cited above is not correct as, strictly speaking, the term “lump sum” refers to building contracts where it is the employer’s obligation to pay the contractor for the works as properly executed. Thus, whether the price tendered by the contractor has been used on a set of drawings or on bills of quantities, the contract is for a “lump sum” contract. However, confusion has existed for a long time already what exactly the difference is between ‘bills of quantities’ contracts, ‘lump sum’ contracts or ‘fixed price’ contracts. There is in fact no distinction between ‘bills of quantities’ and ‘lump sum’ contracts as they mean the same thing. Xxxxxx’x book: The building Contract – A Commentary on the JBCC Agreements – Third Edition (Footnote 6, 2018: 20) confirms this view by pointing out that: However, a clear distinction can be made between ‘bills of quantities’ / ‘lump sum’ contracts and ‘fixed price’ contracts as detailed below: • The contractor tenders a single predetermined lump sum amount for the erection and completion of the works in terms of the tender requirements • The tender may be based on: o Bills of quantities and preliminaries o Drawings and specifications only • The tenderer, in compiling his tender, makes provision in his contract sum for all labour, material, plant, risk involved, market conditions and mark-up, but not necessarily for escalation/cost fluctuations as the contract value may be subject to contract price adjustment
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Examples of LUMP SUM DOCUMENT in a sentence

  • BILLS OF QUANTITIES / LUMP SUM DOCUMENT (PART OF VOLUME 2) The bills of quantities / lump sum document forms part of and must be read and priced in conjunction with all the other documents forming part of the contract documents, the Standard Conditions of Tender, Conditions of Contract, Specifications, Drawings and all other relevant documentation.

Related to LUMP SUM DOCUMENT

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