Unit rate
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 NRM1: Order of cost estimating and cost planning for capital building work, the term ‘unit rate(s)’ means:
‘…the monetary rate applied to an element, sub-element or component per unit of measurement (e.g. cost per m, cost per m2 and cost per m3). The term also includes costs/m2 of gross internal floor area (GIFA) and cost per functional unit (or functional unit cost).
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