What is the International Construction Measurement Standards (ICMS)?
The International Construction Measurement Standards (ICMS) is a cost classification system which provides a structure and format for classifying, defining, measuring, analysing and presenting construction costs that will provide consistency and transparency across international boundaries.
It was launched recently by the International Construction Measurement Standards Coalition which is represented by a wide range of professional organisations around the world such as the Royal Institution of Chartered Surveyors (RICS), Australian Institute of Quantity Surveyors (AIQS), Indian Institute of Quantity Surveyors (IIQS), Institution of Civil Engineers (ICE) to name a few.
The ICMS can be downloaded here.
Why was it launched? Continue reading
What is a Provisional Sum?
Provisional Sum is a sum of money which may or may not be required to carry out work whose design is incomplete or whose total scope cannot be determined in the beginning. It is used to make an allowance for the said work in the contract. E.g. While excavating hard rock, the total quantity of hard rock cannot be determined beforehand. So a Provisional Sum will be allocated for the work.
How is it classified? Continue reading
What are Preliminaries?
Preliminaries are items which cannot be directly attributed to any component, element or work section but are required to carry out the works specific to the project. They are usually provided in the beginning of any BOQ to make allowance for those costs which are necessary for the running of the project but are not specifically related to any one item or operation.
How are they classified? Continue reading
What is a BOQ?
As per the definition given by Cambridge dictionary, a Bill of Quantities is a document showing a list of everything needed to build something and how much each item will cost.
NRM 2 defines a BOQ as a list of items giving detailed identifying descriptions and firm
quantities of the work comprised in a contract.
Basically it is a list of items forming part of a construction project with information about their units, quantities, rates and amounts.
What does it contain? Continue reading