Question
Download Solution PDFAn abstract of estimated cost is prepared after obtaining the cost of each individual item of work and then adding them all together. This estimated cost is increased by 5 % to account for any unforeseen expenses, which are referred to as:
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFContingencies:
- An abstract of estimated cost is prepared after obtaining the cost of each individual item of work and then adding them all together.
- This estimated cost is increased by 5% to account for any unforeseen expenses, which are referred to as contingencies.
- Contingencies are provisions made in the estimate to cover unexpected costs that may arise during the execution of a project. These can include minor changes in design, price variations, or other unforeseen issues that were not anticipated during the planning stage.
- Including contingencies helps ensure that the project has adequate funding to address any unexpected expenses, thus avoiding delays or the need for additional funding approvals.
Last updated on May 28, 2025
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