Contingencies in construction - Revision history

Designing Buildings at 07:19, 28 March 2022

2022-03-28T07:19:29Z

← Older revision		Revision as of 07:19, 28 March 2022
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	In addition to a contingency, the client is likely to hold retention. Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client. The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract. Retention can also be applied to nominated sub-contractors, and the main contractor may also apply retention to domestic sub-contractors.		In addition to a contingency, the client is likely to hold retention. Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client. The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract. Retention can also be applied to nominated sub-contractors, and the main contractor may also apply retention to domestic sub-contractors.

−	= Related articles on Designing Buildings ~~Wiki~~ =	+	= Related articles on Designing Buildings =

	* Business plan.		* Business plan.
		+	* Contingent liabilities.
	* Cost plan.		* Cost plan.
	* Cash flow.		* Cash flow.

Designing Buildings at 13:48, 28 August 2020

2020-08-28T13:48:39Z

← Older revision		Revision as of 13:48, 28 August 2020
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	* Retention.		* Retention.

−	[[Category:Cost_/_business_planning]] [[Category:Property_development]]	+	[[Category:DCN_Definition]] [[Category:DCN_Guidance]] [[Category:Cost_/_business_planning]] [[Category:Property_development]]

Editor at 18:49, 14 November 2019

2019-11-14T18:49:32Z

← Older revision		Revision as of 18:49, 14 November 2019
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	* Defined provisional sum.		* Defined provisional sum.
	* Estimate.		* Estimate.
		+	* Glossary of construction slang and other terms
	* Project risk.		* Project risk.
	* Provisional sum.		* Provisional sum.

134.225.240.59 at 12:43, 17 March 2019

2019-03-17T12:43:08Z

← Older revision		Revision as of 12:43, 17 March 2019
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	* On awarding the contract, 5% of the contract value might be included as contingency in the cost plan.		* On awarding the contract, 5% of the contract value might be included as contingency in the cost plan.

−	In addition to a contingency, the client is likely to hold retention. Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client. The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract. Retention can also be applied to nominated sub-contractors, and the main contractor may also apply retention to domestic sub-contractors.~~ddddddd~~	+	In addition to a contingency, the client is likely to hold retention. Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client. The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract. Retention can also be applied to nominated sub-contractors, and the main contractor may also apply retention to domestic sub-contractors.

	= Related articles on Designing Buildings Wiki =		= Related articles on Designing Buildings Wiki =

134.225.240.59 at 12:42, 17 March 2019

2019-03-17T12:42:44Z

← Older revision		Revision as of 12:42, 17 March 2019
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	* On awarding the contract, 5% of the contract value might be included as contingency in the cost plan.		* On awarding the contract, 5% of the contract value might be included as contingency in the cost plan.

−	In addition to a contingency, the client is likely to hold retention. Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client. The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract. Retention can also be applied to nominated sub-contractors, and the main contractor may also apply retention to domestic sub-contractors.	+	In addition to a contingency, the client is likely to hold retention. Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client. The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract. Retention can also be applied to nominated sub-contractors, and the main contractor may also apply retention to domestic sub-contractors.ddddddd

	= Related articles on Designing Buildings Wiki =		= Related articles on Designing Buildings Wiki =

Designing Buildings at 09:09, 4 January 2019

2019-01-04T09:09:29Z

← Older revision		Revision as of 09:09, 4 January 2019
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	In addition to a contingency, the client is likely to hold retention. Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client. The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract. Retention can also be applied to nominated sub-contractors, and the main contractor may also apply retention to domestic sub-contractors.		In addition to a contingency, the client is likely to hold retention. Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client. The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract. Retention can also be applied to nominated sub-contractors, and the main contractor may also apply retention to domestic sub-contractors.

−	~~= Find out more =~~	+	= Related articles on Designing Buildings Wiki =
−		+
−	=== Related articles on Designing Buildings Wiki ===	+

	* Business plan.		* Business plan.

Editor at 14:30, 17 August 2018

2018-08-17T14:30:59Z

← Older revision		Revision as of 14:30, 17 August 2018
Line 27:		Line 27:
	* Cash flow.		* Cash flow.
	* Contingency plan.		* Contingency plan.
		+	* Defined provisional sum.
	* Estimate.		* Estimate.
	* Project risk.		* Project risk.
		+	* Provisional sum.
	* Retention.		* Retention.

	[[Category:Cost_/_business_planning]] [[Category:Property_development]]		[[Category:Cost_/_business_planning]] [[Category:Property_development]]

Editor at 14:00, 17 August 2018

2018-08-17T14:00:54Z

← Older revision		Revision as of 14:00, 17 August 2018
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	Typically, contingencies refer to costs, and are amounts that are held in reserve to deal with unforeseen circumstances. However, they may also refer to other aspects of the project, for example, the programme may include a contingency where it is important that a specific completion date is achieved.		Typically, contingencies refer to costs, and are amounts that are held in reserve to deal with unforeseen circumstances. However, they may also refer to other aspects of the project, for example, the programme may include a contingency where it is important that a specific completion date is achieved.

−	A contingency may also refer to part of a contingency plan, ~~that~~ is a plan ~~than~~ can be enacted to mitigate project risks, such as adverse weather, an industrial dispute, supplier failure and so on.	+	A contingency may also refer to part of a contingency plan, which is a plan that can be enacted to mitigate project risks, such as adverse weather, an industrial dispute, supplier failure, and so on.

	Monetary contingencies are typically referred to in relation to the overall client for a project. However, other parties in the supply chain are also likely to include contingencies in their cost planning.		Monetary contingencies are typically referred to in relation to the overall client for a project. However, other parties in the supply chain are also likely to include contingencies in their cost planning.

−	~~Whilst~~ it is advisable for clients to hold a contingency, they might no wish to share this information with the rest of the project team, who may see a contingency as a license to exceed the budget in the knowledge that the client has a reserve that can be spent.	+	While it is advisable for clients to hold a contingency, they might no wish to share this information with the rest of the project team, who may see a contingency as a license to exceed the budget in the knowledge that the client has a reserve that can be spent.

	Contingencies are often expressed in terms of percentages. The percentage contingencies applied are at their greatest in the early stages of the project when there are the greatest number of possible risks. But they can then be reduced as better particulars about the project become available and some risks have passed or been overcome.		Contingencies are often expressed in terms of percentages. The percentage contingencies applied are at their greatest in the early stages of the project when there are the greatest number of possible risks. But they can then be reduced as better particulars about the project become available and some risks have passed or been overcome.

Designing Buildings: Reverted edits by 216.56.7.98 (talk) to last revision by Editor

2018-04-05T20:20:28Z

Reverted edits by 216.56.7.98 (talk) to last revision by Editor

← Older revision		Revision as of 20:20, 5 April 2018
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−	~~sfdjklxbgfizcxbvcefkasjdzoigfvwiersdxzljiijoversdzxogdszfxbfdsikagdnbfnjipbbfnjibf~~	+	Contingencies are downside risk estimates that make allowance for the unknown risks associated with a project.
		+
		+	Typically, contingencies refer to costs, and are amounts that are held in reserve to deal with unforeseen circumstances. However, they may also refer to other aspects of the project, for example, the programme may include a contingency where it is important that a specific completion date is achieved.
		+
		+	A contingency may also refer to part of a contingency plan, that is a plan than can be enacted to mitigate project risks, such as adverse weather, an industrial dispute, supplier failure and so on.
		+
		+	Monetary contingencies are typically referred to in relation to the overall client for a project. However, other parties in the supply chain are also likely to include contingencies in their cost planning.
		+
		+	Whilst it is advisable for clients to hold a contingency, they might no wish to share this information with the rest of the project team, who may see a contingency as a license to exceed the budget in the knowledge that the client has a reserve that can be spent.
		+
		+	Contingencies are often expressed in terms of percentages. The percentage contingencies applied are at their greatest in the early stages of the project when there are the greatest number of possible risks. But they can then be reduced as better particulars about the project become available and some risks have passed or been overcome.
		+
		+	An example of how a contingency might be reduced during a project is set out below:
		+
		+	* At the preliminary business plan stage, total cost estimates might include a 15% contingency.
		+	* In the elemental cost plan this might reduce to 10% of fees and construction costs.
		+	* On awarding the contract, 5% of the contract value might be included as contingency in the cost plan.
		+
		+	In addition to a contingency, the client is likely to hold retention. Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client. The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract. Retention can also be applied to nominated sub-contractors, and the main contractor may also apply retention to domestic sub-contractors.
		+
		+	= Find out more =
		+
		+	=== Related articles on Designing Buildings Wiki ===
		+
		+	* Business plan.
		+	* Cost plan.
		+	* Cash flow.
		+	* Contingency plan.
		+	* Estimate.
		+	* Project risk.
		+	* Retention.

	[[Category:Cost_/_business_planning]] [[Category:Property_development]]		[[Category:Cost_/_business_planning]] [[Category:Property_development]]

216.56.7.98: Replaced content with "sfdjklxbgfizcxbvcefkasjdzoigfvwiersdxzljiijoversdzxogdszfxbfdsikagdnbfnjipbbfnjibf Category:Cost_/_business_planning Category:Property_development "

2018-04-05T19:10:41Z

Replaced content with "sfdjklxbgfizcxbvcefkasjdzoigfvwiersdxzljiijoversdzxogdszfxbfdsikagdnbfnjipbbfnjibf Category:Cost_/_business_planning Category:Property_development "

← Older revision		Revision as of 19:10, 5 April 2018
Line 1:		Line 1:
−	~~Contingencies are downside risk estimates that make allowance for the unknown risks associated with a project.~~	+	sfdjklxbgfizcxbvcefkasjdzoigfvwiersdxzljiijoversdzxogdszfxbfdsikagdnbfnjipbbfnjibf
−		+
−	Typically, contingencies refer to costs, and are amounts that are held in reserve to deal with unforeseen circumstances. However, they may also refer to other aspects of the project, for example, the programme may include a contingency where it is important that a specific completion date is achieved.	+
−		+
−	~~A contingency may also refer to part of a contingency plan, that is a plan than can be enacted to mitigate project risks, such as adverse weather, an industrial dispute, supplier failure and so on.~~	+
−		+
−	Monetary contingencies are typically referred to in relation to the overall client for a project. However, other parties in the supply chain are also likely to include contingencies in their cost planning.	+
−		+
−	Whilst it is advisable for clients to hold a contingency, they might no wish to share this information with the rest of the project team, who may see a contingency as a license to exceed the budget in the knowledge that the client has a reserve that can be spent.	+
−		+
−	Contingencies are often expressed in terms of percentages. The percentage contingencies applied are at their greatest in the early stages of the project when there are the greatest number of possible risks. But they can then be reduced as better particulars about the project become available and some risks have passed or been overcome.	+
−		+
−	~~An example of how a contingency might be reduced during a project is set out below:~~	+
−		+
−	* At the preliminary business plan stage, total cost estimates might include a 15% contingency.	+
−	* In the elemental cost plan this might reduce to 10% of fees and construction costs.	+
−	* On awarding the contract, 5% of the contract value might be included as contingency in the cost plan.	+
−		+
−	In addition to a contingency, the client is likely to hold retention. Retention is a percentage (often 5%) of the amount certified as due to the contractor on an interim certificate, that is deducted from the amount due and retained by the client. The purpose of retention is to ensure that the contractor properly completes the activities required of them under the contract. Retention can also be applied to nominated sub-contractors, and the main contractor may also apply retention to domestic sub-contractors.	+
−		+
−	~~= Find out more =~~	+
−		+
−	~~=== Related articles on Designing Buildings Wiki ===~~	+
−		+
−	* Business plan.	+
−	* Cost plan.	+
−	* Cash flow.	+
−	* Contingency plan.	+
−	* Estimate.	+
−	* Project risk.	+
−	* Retention.	+

	[[Category:Cost_/_business_planning]] [[Category:Property_development]]		[[Category:Cost_/_business_planning]] [[Category:Property_development]]