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Construction glossary
Construction Glossary •
Unit Price Billing
What is Unit Price Billing?
Unit Price Billing is a method used in the construction industry where costs are determined based on agreed-upon rates for specific types of work. This method means you pay for materials and labor based on the quantity used or amount of time expended. For instance, if you're building a skyscraper, payment might be determined by a set price for every square foot of construction rather than a lump sum for the entire project. Unit Price Billing allows for more flexibility as changes occur during construction, with pricing adjustments made according to altered quantities. It provides transparency and can potentially lead to cost savings if actual quantities are less than projected.
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Other construction terms
Change Order
What is a Change Order?
A Change Order in construction essentially refers to a modification to the original construction contract. These can occur due to unforeseen circumstances, changes requested by the client, or any erro...
Chart of Accounts
What is a Chart of Accounts?
A Chart of Accounts (COA) in the construction industry is essentially a financial organizational tool that provides a complete listing of every account in an accounting system. These accounts are typi...
General Contractor (GC)
What is a General Contractor (GC)?
A general contractor (GC), also commonly referred to as a prime contractor, is the main contractor responsible for managing an entire construction project. They are in direct contact with the build’s ...
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