Outturn Cost
The actual final cost at the end of a period of activity, rather than those that were expected or calculated
Payment Certificate
A payment certificate refers to a document issued by a Quantity Surveyor that authorizes payment to a contractor for the
Payment Terms
Payment terms are the payment rules agreed with Sub-Contractors and suppliers. Payment terms are imposed to ensure that payments are
Planning Permission
Is the permission required by government and obtained from the local authority in order for a certain building to be
Price
Is the quantity of payment or compensation given by one party to another in return for goods or services. Pricing
Procurement
Procurement refers to the process of acquiring goods and services needed for a construction project. It involves identifying and selecting
Productivity
Is a ratio of production output to what is required to produce it (inputs).
Profit
In accounting, is the difference between revenue and cost. In estimates, it is an allowance to provide for anticipated profit
Profit Margin
Refers to a measure of profitability. It is calculated by finding the net profit as a percentage of the revenue.
Progress Payment
A progress payment refers to a payment made by the owner or client to the contractor during the course of
