- Project plans
- Project activities
- Legislation and standards
- Industry context
Last edited 02 Jan 2018
The New Rules of Measurement (NRM) are published by the Royal Institute of Chartered Surveyors (RICS). They provide a standard set of measurement rules for estimating, cost planning, procurement and whole-life costing for construction projects.
According to NRM2: Detailed measurement for building works, a fixed charge is:
|…for work, the cost of which is to be considered independent of duration.|
Charges may be fixed, time-related, or a combination of both.
NB The Code of Estimating Practice, seventh edition, published by the Chartered Institute of Building (CIOB) in 2009 defines a 'fixed price contract' as, ‘…a contract where the price is agreed and fixed before construction starts’.
- Relevant events.
- Provisional sums.
- Payments to nominated sub-contractors or nominated suppliers.
- Statutory fees.
- Payments relating to opening up works for inspection and testing.
A truly 'fixed' price contract would not necessarily be in the interests of the client as it would require that the contractor price risks over which they may have no control, and which might not arise.
 Find out more
 Related articles on Designing Buildings Wiki
Featured articles and news
Chancellor announces latest Winter Support packages.
Tapping technology to boost infrastructure and create jobs.
4 ways to ensure certificates are valid.
White elephant construction projects.
How Paul Williams bent over backwards to overcome racial barriers.
Organisation revises actions around dealing with COVID-19.
CIOB, NFCC, RIBA, RICS call for changes ahead of Building Safety Bill.
Developments in the Future Homes Standard.
An American chimney feature with a colourful past.
Homes based on need, not ability to pay.
Historic England adds 216 entries to the 'at risk' register.
Will cycling and walking provisions be preserved?
Assembly point levels range from relative to ultimate.
Signs are pointing to a recovery for the construction industry.