Get Jbcc 6 1 March 2014 Pdf

Tender sum is the amount of money the contractor offers to carry out a building project and this amount has being accepted by the client. It is also referred to as the contract sum. When the Joint Contract Tribunal standard form of contract is used, tender sum or contract sum is the amount named in Article 2.

However, the contract value is the monetary value initially equal to the contract sum, which is subject to an adjustment. This amount constitutes what is actually owed to the contractor (i.e.: the employer's actual liability towards the contractor).

The 4 Different Types of Construction Contracts Lump Sum Contract. A lump sum contract sets one determined price for all work done for the project. ... Unit Price Contract. ... Cost Plus Contract. ... Time and Materials Contract.

In short, contract value is the total value of a contract over its lifespan. This can include the cost of goods or services, any associated taxes, and any other fees that may apply. But contract value is more than just a number. It's also a way to measure the worth of a business relationship.

The contract sum is the price agreed with the contractor and entered into the contract. The agreed contract sum should be calculated and checked very carefully as errors are deemed to have been accepted by both parties.

Contracts such as FIDIC, NEC, and GCC can be utilized on all types of engineering and construction contracts. The JBCC contract, on the other hand, is limited to building projects. Engineering and construction works contracts are summarized in the FIDIC, NEC, and JBCC series of documents.

JBCC Nominated Sub-contract Agreement (NSA): This contract is typically used between the main contractor and a nominated subcontractor. It sets out the terms and conditions for the subcontractor's work on the project, including the scope of work, the project schedule, and the payment terms.

What is the purpose of the JBCC? The Joint Building Contracts Committee (JBCC) seeks to provide (primarily) the southern African building industry with appropriate building contracts, implementation forms and application guides to manage the building process fairly and competently.

What is the Contract Sum? The Contract Sum is the price paid to the contractor for the scope of work to be completed. As a general rule, the Contract Sum will be stated in the formal instrument of agreement and can take the form of: a lump sum figure. a schedule of rates (SoR)