Building Trade Quotes Glossary
Building Trade Glossary
| TERMS | DEFINITIONS |
|---|---|
| Building Cost Estimator | A Building Cost Estimator is simply an Estimator that prepares the quote for a building or part there of. |
| Building Takeoff | A Building Takeoff refers to a list of trade scope of works or quantities of materials that are required to build all or part of a project. |
| Clarifications | Confirming specific details of what has been allowed for in your quote |
| Construction Cost Estimator | A Construction Cost Estimator is simply an Estimator that prepares the quote for a building or part there of. |
| Construction Takeoff | A Construction Takeoff refers to a list of trade scope of works or quantities of materials that are required to build all or part of a project. |
| Cost Recipe | A cost recipe is a list of costs (including labour) to complete a task for example Tiles, Glue, Grout and labour |
| Dead line | The cut of day for you to provide your quote or tender |
| Drawings | Drawings are the detailed plans usually provided by the architect or designer |
| Due date | The date that you are required to submit your quote or tender |
| Estimate | Preparation of costs expected to be part of a project |
| Estimating | Estimating is the process of calculating the expected costs to complete a job |
| Exclusions | Items or specific materials not included in your quote |
| Expert Estimation | Using industry raters to prepare a estimate of costs to complete a project |
| Gantt Chart | Frequently used in project management, a Gantt chart provides a graphical illustration of a schedule that helps to plan, coordinate, and track specific tasks in a project |
| Margin | Margin is the expected $ amount or % remaining after all the costs are paid. |
| Markup | Markup refers to the profit portion of your construction or building quote . Markup is the $ amount or % added to your costs |
| Overheads | Business overheads are costs or expenses to the business in order for the business to run for example Vehicle running costs, Administration staff and accountant fees |
| PC Sum | A PC Sum ( Prime Cost ) is an allowance in the quote for the cost of foreseeable necessary work, usually the supply of materials not specified at the time for example Floor Tiles |
| Plans | Plans are the detailed drawings usually provided by the architect or designer |
| Preliminaries | Preliminaries are usually allowance in your quote to cover administration and overhead costs required to complete a project |
| Preliminary Program | A preliminary program is a high level overview of the expected time line to complete a project. Commonly provided as a Gantt Chart |
| Prime Cost | A Prime Cost ( PC Sum ) is an allowance in the quote for the cost of foreseeable necessary work, usually the supply of materials not specified at the time for example Floor Tiles |
| Provisional Sum | A Provisional Sum is an allowance, for a specific element of the works that is not yet defined in enough detail for tenderers to accurately price for example Kitchen Joinery |
| Rate Calculation | A Rate Calculation is a list of costs (including labour) to complete a task for example Plasterboard , adhesive, base coat, top coat, screws and labour |
| Scope of Works | General list referring to a general description of the work that is expected to be performed under a particular contract. |
| Specifications | Documents usually provided by the architect providing the specifics of products and finishes for the project |
| Take Off Estimating | Preparing a quantity takeoff or scope of works to then estimate the job costs |
| Takeoff | A Takeoff is a term used in engineering and construction and refers to a list of quantities of materials that are required to build all or part of a project. |
| Tender | A Tender usually refers to the process whereby Builders or Commercial clients invite bids for large projects that must be submitted within a finite deadline. |
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