Bill of quantities for property renovations
When it comes to renovation and construction deals, the bill of quantities, which details and records the labor and materials required for a particular construction or remodeling contract and the associated costs, is a critical document. A meticulously drawn up document allows one to select the best contractor and accurately calculate construction costs for significant renovations. All depends on the accurate, precise, and comprehensive writing of this document.
The bill of quantities also serves as an understanding and communication tool for the client, contractor, and consultant once a contractor is selected for the project.
Bills of quantities are usually prepared by architects, surveyors, construction estimators, and engineers. The preparation of a detailed bill of quantities is a skilled job that must be handled by those with expert knowledge and experience. There are many different types of bill of quantities. A large portion of them involve contingency, an amount that is applied to any additional costs that might be incurred in the execution of the project.
It is possible to specify contingency once the product is identified and potential work is expected, or to use a general term that refers to the expense that has been "set aside" and will be used as required during the process of construction.
When an execution project is developed by experts, a systematic process known as Executive Metric Calculation is used to estimate construction costs.
Two subjects make use of the Estimative Metric Calculation (EMC):
1) The proprietor - when using the EMC to confirm and strategize the investments they will make, owners can enter into a bidding process with various contractors to obtain the optimal price at the highest possible quality;
2) The builder - using this offer for the development of the project's construction plan (during the pre-emptive phase), builders have the opportunity to use the calculation data during the purchasing and review phase to support their offer (or work in progress);
In the current market, there are two kinds of bills of quantities that differ one from the other based on how they are calculated. Whenever a unit amount and quantity are defined, categorization of the calculation data is done as "Build to Order", i.e. a customized project developed to fulfill the specific requirements of the person ordering it and the requirements of the building. According to the definition of "Turnkey Operation" or "Turnkey Project", the order is agreed to be completed in its entirety, with no subsequent phases in terms of particular quantities (whether increasing or decreasing).
As Duncan Wallace (1984), precisely defined, "... a contract where the essential design emanates from, or is supplied by, the Contractor and not the owner, so that the legal responsibility for the design, suitability and performance of the work after completion will be made to rest … with the contractor".
In defining the calculation item, the turnkey formula is advantageous because it eliminates the need for in-depth analysis of quantity data.
“Build to Order” quotes are, no doubt, the most precise means of determining the actual costs associated with a particular renovation, both in the project estimating and in the billing phase.
The "In Progress" estimate differs from other estimates in that it allows the involved parties to decide on the economic management of the proposed intervention. There are two types of "In Progress" quotations:
1) estimated metric calculations - used to determine a cost estimate these are to be drafted up before the construction/renovation work commences
2) final metric calculations - written out when the construction work has been finalized to, calculate the actual amounts used
It is common for people to feel challenged when they try to master the difference between estimative metric calculation and metric calculation. However, it is important to remember that these two documents are necessary and relevant to any construction project. Therefore, any contractor working in the construction field needs to know how the two techniques work and the way they require drafting to be effective. To be accurate, the Metric Calculation involves knowing all the operations required to define the project and estimating all the quantities of labor required to complete the work. The Estimative Metric Calculation, contrarily, must include cost estimates for all operations and total labor costs in addition to the information already mentioned.
About our services
Highly qualified and knowledgeable about all matters implied in all technical and legal aspects of building and restoration, our team of technical experts and consultants provides perfectly drawn up Bills of Quantities, comprehensive cost planning and customized quotes. Fluent in English and a variety of other languages, our crew includes trusted, experienced, and knowledgeable professionals committed to client satisfaction.
Attentive to our clients’ specific needs, we provide a variety of options and all-round services, including, but not limited to, carefully drafted construction contracts compliant with standing local legislation. To safeguard the interests of our clients at all times, we investigate all process are correctly and quickly attended to, monitor and control those in charge, closely review progress and facilitate all dealing with payments to contractors, when all is done properly and in a timely fashion.