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What is Schedule of Rates Contracts Explained about?

This document discusses variations in quantities for schedule of rates contracts. It summarizes: 1) Differences often arise between estimated and actual quantities without any change to the work, due to errors in estimates or the inherently unpredictable nature of construction work. 2) In a schedule of rates contract, these differences result in adjustments to the contract sum, whereas in a lump sum contract the risk is carried by both parties and the price does not change. 3) A key question is whether

Author

William Tong

Language

EN