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

Examples of Prime Cost in a sentence

• 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.

• For the purpose of interpretation of the bid, the English language shall prevail.3.3.1.2 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 de - termining 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.

• Each item shall be priced and extended to the "Amount" column by the Tenderer, with the exception of the items for which only rates are required, or items which already have Prime Cost or Provisional Sums affixed thereto.

• The work covered by Prime Cost and Provisional Sums may or may not be carried out at the discretion of the Project Manager.

More Definitions of Prime Cost

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.

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 for each SKU will be calculated by multiplying the number of units of that SKU (as set out in the Stock Count Record) by the prime cost per unit of that SKU as set by the Seller at the beginning of 2012.

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

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 means the capital expenditure to be properly incurred by Haden or the CJV, as the case may be, in implementing the relevant Authority change, together with any allowance for contingencies, risk, inflation, contribution to any additional preliminaries, site establishment, design costs2, insurances and any other reasonable costs to be properly incurred by Haden or the CJV, as the case may be, (save to the extent covered by the oncosts as defined below)