Bill of Quantities (BQ)
A measured document describing construction work in a structured format so contractors can price on a consistent basis.
Knowledge Centre
Quantity surveying and construction cost glossary.
Plain-language explanations of common terms used in cost planning, tendering and construction contracts.
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Understand the language of construction costYuHuang Estimating
Cost Plan
A budget divided into building elements or work categories and updated as the design develops.
Final Account
The agreed final value of the construction contract after variations, claims and other adjustments are resolved.
Loss and Expense
Additional cost claimed because the regular progress of the works has been materially affected by a relevant event or matter, subject to the contract.
Prime Cost Sum
An allowance for specified goods or work where the exact price has not been finalised when tender documents are prepared.
Provisional Sum
An allowance for work that cannot be fully described or measured at the time of tender.
Quantity Takeoff
The process of measuring work items and materials from drawings, models and specifications.
Variation
A change to the scope, quality, quantity or conditions of the work instructed or recognised under the contract.
Value Engineering
A structured review of alternatives intended to improve value while maintaining required function and performance.
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