Brief overview of Bill Of Quantities or BOQ
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The Bill Of Quantities alias BoQ refers to a type of document generally created by a Quantity Surveyor. BoQ is found in Tender document. It includes estimated quantities concerning the items of work provided in the drawings and specifications of a particular project. The quantities are computed with number, length, area, volume, weight or time. Formation of BoQ is based on the completion of design and preparation of specification.
The BoQ is presented to the tenderers to allow them for easily set up a price for executing the works. With BoQ, the tenderers can easily figure out construction costs for their tender.
The contractor submit their tenders against the bill of quantities, assigning their price for a single item. This priced bill of quantities composes the tenderer's offer. The offer is created with prescribed items and so the entire price & individual items can be directly tallied other tenderers’ offers, providing a brief appraisal regarding which portions of a tender may offer good or poor value. This information is useful for tender negotiations.
The priced bill of quantities will also:
- Help in creating the agreement of the contract sum through the successful tenderer.
- Offer a schedule of rates facilitating the valuation of variations.
- Offer a basis for the estimation of interim payments.
- Offer a basis for the preparing the final account.
Bills of quantities is created with the procedure of 'taking off' which entails recognizing elements of construction works to be estimated and priced.
Bills of quantities provide huge benefits to the contractor while creating with work sections that show likely sub-contract packages. This simplifies the process for contractor to gather prices from sub-contractors which in turn produce a precise and competitive price.
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Disputes may arise if any dissimilarity occurs amid the bill of quantities and the rest of the tender documents (as for instance where an item is contained in the drawings and specification but not in the bill of quantities), or in case of an arithmetical error.
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