Common Quantity Surveying Acronyms
Below are some common Quantity Surveying terms, definitions and acronyms that you may come across day to day.
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B
Basis of Estimate
The underlying philosophies, estimations, calculations, measurements and considerations used to arrive at the initial cost estimate
Basis of Schedule
The underlying philosophies, estimations, calculations, measurements and considerations used to arrive at the initial time estimate
Battery Limits
A defined boundary or extent of a system or scope of works, or an defined area under which works are grouped and organised. A battery limit is usually used as a means of managing interfaces between different contracts, or commissioning of systems.
BOQ
Bill Of Quantities - A detailed list of construction quantities either measured or estimated from drawings to facilitate tender pricing, or payment valuation. A BOQ can consist of materials, excavated materials, manhours, any work that can be broken down to a quantifiable amount.
BOM
Bill Of Materials - A list of materials quantities, similarly, used in the way a Bill of Quantities is used, to ascertain cost and material requirements.
Budget
A pre-determined target or authorised and usually agreed cost or time allowance to which works are planned. The budget can be expressed in terms of Cost, Time or even Quantities.
C
Change Management
A set of controls or processes to record, measure, value and execute works which fall outside of the contract scope.
D
Delay Event
An event which causes a delay in the Contractor's ability to complete their works. This can be at the fault of the Contractor, or the Client.
Delay to Completion
Typically, this term will refer to a delay event which causes a delay to the contract's completion date. These delays can be at the Contractor or Client's fault.
Delay to Progress
Typically, this term will refer to a delay event which causes a delay to the Contractor's progress, without causing a contract milestone or completion date to not be met.
Direct labour
Typically, Direct labour resources are those which can be directly related to the physical construction of the works. The work forces who produce a physical output.
Dispute
A contractual disagreement generally related to entitlement between the Contractor and Client. The Contract typically sets out a pre-agreed regime for identifying, notifying and attempting to resolve disputes.
Disruption
A event of disruption, disturbance, interruption or hinderance in the Contractor's ability to perform its works as planned. Typically some non-exhaustive examples of the occurrences that constitute disruption are stipulated within a contract. Disruption does not automatically result in increased costs or time, nor does it necessarily result in additional entitlement to the Contractor.
E
Earned Value
A Valuation of the work completed, calculated by way of measurement/quantification of the work completed at a point of time, multiplied by the applicate rates from the budget, contract, or other agreed rates.
EPC
Engineer, Procure and Construct. In this arrangement the Contractor will be responsible for engineering, procuring and constructing the work with their workforce. It is effectively a variation of the design and construct model.
EPCM
Engineer, Procure, Construct and Manage. In this arrangement, the EPCM is providing a Service as opposed to completely Contracting out the project. That is, having engineering and management consultants manage the process. Typically the EPCM will take responsibility for delivering the project and does not perform construction work.
F
Final Account
The agreed final value and settlement of payment under any given contract.
Fixed Price
A price that is set for a defined duration for specified goods or services.
Fixed Price Lump Sum
A single, all inclusive price for a specified scope of works that is not subject to adjustment.
I
Indirect labour
Otherwise referred to as support labour. Typically the workforce which are not office staff, but provide activities that don't produce a physical output and typically facilitate and support the direct workforce. Examples include scaffolders, storemen and crane operators. On some projects for various reasons, the trades classified as in-directs can vary.
ITP
Instruction to Proceed
ITT
Invitation to Tender
L
LADs
See liquidated and ascertained damages
LDs
Liquidated Damages - See liquidated and ascertained damages
Liquidated Ascertained Damages
A pre-determined estimate of a client's actual losses that will be incurred, should a project not meet the agreed completion dates. Ascertained damages are usually expressed as a fixed daily or weekly rate.
P
Practical Completion
The completion of construction activities included under the contract, subject to any minor punch list or otherwise permitted exclusions. Generally, practical completion marks the start of warranty periods and the point at which the responsibility to protect the work is handed over to the client. Certain contracts also refer to Practical Completion as Substantial Completion.
Programme / Schedule
A programme is a visual representation, showing the sequencing and phasing of the work, as well as detailing the forecast durations of various work activities. The Programme can be shown at various levels, grouping activities into less or more detail.
Prolongation
The extended time taken for the works to be completed, usually due to a delay.
R
RICS
Royal Institute of Chartered Surveyors
V
Variation
Work or costs that become a requirement of the contract, which were not contemplated and allowed for in the original pricing and scope of the Contract. Variations can have Cost or Time impact; or Both.
Vesting Certificate
A formal letter or notice that details materials or assets which certifies that materials purchased for a project, vest (that is, effectively are the possession of) the client on a project, once paid for. This negates third party claims for example if the contractor becomes insolvent.