What is Value management

What is this Value Management in the construction industry? Most of the people are misunderstood that value management is the method to reduce the cost of construction. As per the correct definition, value management is the systematical method used to develop a project to achieve its utmost benefits for the users and owners. To do it, theContinue reading “What is Value management”

Why Remeasurement(Re measurable) contracts / Unit price contracts

The re-measurable/remeasurement contract is the most popular type of contract used in the former construction industry. But even so, large construction companies are using this method to hire subcontractors for tasks such as painting, plastering, etc. In this method, the companies will receive the payment based on actual work. Compared to other procurement methods, theContinue reading “Why Remeasurement(Re measurable) contracts / Unit price contracts”

5 pros & cons of Lumpsum Contracts or Fixed price Contracts (with video explain)

What is a Lump sum contract or Fixed price contract Lump sum contracts are the most favourite contract (procurement) type used in the construction industry. Also known as fixed-price contracts. Because in these contracts, the contract price is fixed and agreed at the initial stage. In industry, this contract type is recognizing as one ofContinue reading “5 pros & cons of Lumpsum Contracts or Fixed price Contracts (with video explain)”

Letter of intent in construction & how to write?

Why Letter of intent in construction or any other trade? The Letter of intent in the construction industry? The Letter of intent or the Letter of interest is a highly controversial subject in the construction industry.  People always mixed up the Letter of intent with Letter of award (LOA), Comfort letter or Contract awarded Letter. But usually, Letter of acceptance or Contract awarding Letter is issuedContinue reading “Letter of intent in construction & how to write?”