Bill of Quantities – What does it mean?: The BoQ is a document prepared by the cost consultant (often a quantity surveyor) that provides project specific measured quantities of the items of work identified by the drawings and specifications in the tender documentation.
The quantities may be measured in number, length, area, volume, weight or time. Preparing a boq requires that the design is complete and a specification has been prepared.
The bill of quantities is issued to tenderer’s for them to prepare a price for carrying out the works. The boq assists tenderer’s in the calculation of construction costs for their tender, and, as it means all tendering contractors will be pricing the same quantities (rather than taking off quantities from the drawings and specifications themselves).
It also provides a fair and accurate system for tendering.
The contractor tenders against the bill of quantities, stating their price for each item. This priced bill of quantities constitutes the tenderer’s offer.
As the offer is built up of prescribed items, it is possible to compare both the overall price and individual items directly with other tenderers’ offers,.
This allows a detailed assessment of which aspects of a tender may offer good or poor value. This information can assist with tender negotiations.
Assist with the agreement of the contract sum with the successful tenderer.
Provide a schedule of rates assisting with the valuation of variations.
Set a basis for the valuation of interim payments.
Provide a basis for the preparation of the final account.
We hope this article has helped you understand more on the topic of; Bill of Quantities – What does it mean?
If you are undertaking a project, whether small or large and require assistance with a Bill of Quantities.