Main Contractor’s Preliminaries
Items that cannot be allocated to a specific element, sub-element or component. (See group element 9.) Note: main contractor’s preliminaries
Man Hour
One person’s (worker, craftsman, tradesman, etc.) effort for one hour of time.
Man Hour Rate
Similar to Labour Constants and used on the American continent, the amount of man-hours which are consumed executing one unit
Mark Up
Is the difference between the cost of a good or service and its selling price. A markup is added on
Market Conditions
Characteristic of a market into which a firm is tendering or in which a new project will be built, such
Material Procurement
Material procurement refers to the process of acquiring the necessary materials and supplies required to complete a construction project. This
Material Takeoff
A material take-off (MTO) is the process of quantifying and listing all the materials, components, and equipment required for a
Measurement and Payment
Measurement and Payment, are two interconnected aspects of managing construction contracts that ensure accurate quantification of work completed and the
MRICS
A professional surveyor who has completed the RICS’s Assessment of Professional Competence and continues to comply with the RICS’s stringent
Necessary Evil
Something unpleasant that must be accepted in order for a particular result.
