In a previous article we looked at 24 terms every Quantity Surveyor needs to know. Due to the positive feedback from the first article, we’ve decided to make another one! So this is 24 MORE Quantity Surveying terms you needs to know!
Just like our previous article, we’ve tried to keep the definitions for the Quantity Surveying terms as concise as possible. Therefore, you may want to carry out additional research. You’ll find that some of these terms have dedicated articles on our website. We’ve linked term, which has a corresponding article.
Term 1: LAD – Liquidated Ascertained Damages
“An agreed rate of damages paid by the contractor to the employer for a particular breach of contract”
Term 2: GMP – Guaranteed Maximum Price
“A contract in which the contractor is reimbursed for actual costs plus fee up to a ceiling price, which is the maximum amount the client will pay.”
Term 3: Risk Register
“A vital tool in project management, the Risk Register is a document that lists potential risks, their impact, and mitigation strategies.”
Term 4: Continuous Professional Development
“Defined as a commitment for people who are chartered, or going through the process of becoming chartered, to continually update their skills and knowledge in order to remain professionally competent. Here at Metroun we have an educational platform called Metroun Learning, where we offer over 30 hours of formal CPD. Click Here to find out more.”
Term 5: Daywork
“Work that cannot be priced in the usual way and is paid for on a daily basis, based on time and materials used.”
Term 6: Prime Cost Sum
“An allowance in the contract for the supply of work or materials to be provided by a nominated subcontractor or supplier.”
Term 7: Cut and Fill
“A process in earthwork where the amount of material removed (cut) roughly equals the amount added (fill).”
Term 8: Earned Value Analysis
“A project management technique measuring project performance and progress in an objective manner, taking into account scope, time and cost.”
Term 9: Snagging
“Snagging involves identifying and listing defects or unfinished work in a construction project for rectification.”
Term 10: Contingency Allowance
“A budgetary provision made to cover unforeseen costs in a construction project.”
Term 11: Bonds
“Provides protection to the client against the non-performance of a contractor”
Term 12: Extension of Time (EOT)
“A mechanism by which a contractor requests a longer period than had been contractually agreed to complete construction”.
Term 13: Lump Sum Contract
“A contract in which the contractor agrees to complete the work for a fixed price.”
Term 14: Overhead and Profit
“Costs associated with running a business, typically applied as a fixed percentage of the actual cost or price of works”
Term 15: Provisional Sum
“Funds set aside for specific elements of works which are not yet defined enough to produce an accurate price”
Term 16: Quantity Breakdown
“A detailed analysis of quantities for each element of a project.”
Term 17: Re-measurement
“The process of measuring the actual work done on site, which may differ from initial estimates.”
Term 18: Subcontractor
“A person or company hired by the main contractor to perform a specific task as part of the overall project.”
Term 19: Defects Liability Period
“A specific timeframe after the completion of construction during which the contractor is obliged to rectify any defects that arise”
Term 20: Unit Rate
“The cost per unit of measurement, like per square metre of floor area or cost per kilogram of steel reinforcement”
Term 21: Variance
“Used to describe a difference. For example, difference in planned vs actual cost or planned vs actual completion”
Term 22: Work in Progress (WIP)
“Refers to cost or value of incomplete works in the construction process.”
Term 23: Change Order
“a document used to alter the original agreement on a construction project.”
Term 24: As-Built Drawings
“Referring to revised sets of drawings submitted by a contractor upon completion of a project.”
