Economic life of a building
Several definitions have been developed to assess or specify the life of buildings, structures and their components, from the perspective of different stakeholders.
Economic life refers to the amount of time an element is in service before its replacement is more advantageous economically than the continued maintenance that will be required to keep it in service.
Economic life may be a key consideration of owners, particularly if they are managing the an asset from which they wish to ensure an adequate return on the investment they have made by purchasing or building it and operating it.
However, as there is no general legally-agreed definition of economic life, if it is to be included in contract documentation as a performance requirement, it is important that it is carefully defined within those contract documents and that it is consistent with all other requirements in the contract documents.
Other definitions include:
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