Labour Constant
A labour constant is the standard time taken by an operative or gang to complete one unit of work, usually
Labour Rate
A labour rate is the amount paid per unit of time, usually per hour, to employ people such as operatives,
Lead Time
Lead time is the period between starting a process and its completion, for example between placing an order and the
Life Cycle Costing
Life cycle costing (LCC) is the process of evaluating the total cost of an asset over its whole life, from
Liquidated Damages
Liquidated damages are a sum agreed by the parties when the contract is formed, payable by one party to the
Loss and Expense
Loss and expense is the additional cost incurred by a contractor because the regular progress of the works has been
Lump Sum
A lump sum contract is one in which a single price for all of the works is agreed before work
Main Contractor (or Prime Contractor)
The main contractor, or prime contractor, is the principal contractor appointed by the client to coordinate the construction phase of
Main Contractor’s Overheads and Profit
Main contractor’s overheads and profit are the main contractor’s head office administration costs apportioned to each building contract, together with
Main Contractor’s Preliminaries
Main contractor’s preliminaries are the costs of items that cannot be allocated to a specific element, sub-element or component of
