Schedule of tender adjustments
The contract documents for the construction of a built asset may include a schedule of tender adjustments or clarifications. These are adjustments to the tenderer’s prices negotiated and agreed after the receipt of tenders but before signing the contract.
Contractors may want to make tender adjustments because of risk elements, last-minute changes in pricing policy, working methods, and so on. These are usually covered by a lump sum, calculated and inserted in the preliminaries or elsewhere in the bill of quantities.
Some contracts will also allow for adjustment of the contract sum after the contract has been signed, because of variations, fluctuations, prime cost sums and so on. See contract sum for more information.
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