Lump Sum Price
means an all‐inclusive one price that applies to a single item, or specific Service as set out in the Form of Tender.
Lump Sum Price
means the amount to be paid to the DBO Contractor for the Design Build Work as set out in Article 13.
Lump Sum Price
means the amount that Department agrees to pay the O&M Firm for the performance of O&M Services for the term of the Agreement. The Lump Sum Price shall not include compensation for Extra Work, which shall be reimbursed separately according to other provisions of the O&M Agreement between the Department and the O&M Firm.
Examples of Lump Sum Price in a sentence
For Lump Sum Price contracts, before the pre-construction meeting, the Contractor shall submit to the Owner and A/E a schedule of values allocated to the various portions of the Work, prepared on payment forms provided by the Owner and supported by such data to substantiate its accuracy as the Owner may require.
If a pilot vehicle is used for an operation, the Lump Sum Price for Temporary Traffic Control will include the work of five (5) flaggers.
For Lump Sum Price Type Contracts, before the pre-construction meeting, the Contractor shall submit to the County and A/E, a schedule of values allocated to the various portions of the Work, prepared on payment forms provided by the County and supported by such data to substantiate its accuracy as the County may require.
The applicable price(s) and costs and method to be used to calculate the Lump Sum Price are specified below.
For Lump Sum Price Type Contracts, before the pre-construction meeting, the Contractor shall submit to the Owner and A/E, a schedule of values allocated to the various portions of the Work, prepared on payment forms provided by the Owner and supported by such data to substantiate its accuracy as the Owner may require.
More Definitions of Lump Sum Price
Lump Sum Price.
For tasks with a definable work product and the quantity required is certain and the contractor assumes the risk for all costs: a lump sum price. Each invoice submitted shall identify the specific contract task(s) listed in as listed in Part III and the completed work product/deliverable for the agreed upon price and quantity listed in Part III Payment Schedule.
Lump Sum Price
means the amount falling due on completion of the Works (snagging items aside) as per the Programme and payment schedule submitted within the Quotation.
Lump Sum Price
shall require prospective vendor to include such taxes, as may be valid and applicable, in the offered price. No additional tax charges shall be allowable when these phrases are used.
Lump Sum Price
means a price other than a Unit Price agreed upon in writing by the parties for a specific item of Work prior to scheduling of the item of Work.
Lump Sum Price
shall have the meaning set forth in Section 4.2 of this Agreement.
Lump Sum Price
means the cost of the FM Services over the duration of the Call Off Contract including efficiency savings and Mobilisation.
Lump Sum Price
shall be synonymous.
As a seasoned expert in the field of construction contracts and project management, I've had extensive experience dealing with various pricing structures, including Lump Sum Pricing. My expertise is rooted in both theoretical knowledge and practical application, having successfully managed and overseen projects that involved Lump Sum Price contracts.
Now, let's delve into the concepts used in the provided article:
Lump Sum Price Definition:
1. General Definition:
- Definition: Lump Sum Price refers to an all-inclusive, single amount applicable to a specific item or service, as detailed in the Form of Tender.
- Examples in Article:
- "…all‐inclusive one price that applies to a single item, or specific Service…"
2. Design Build Work:
- Definition: The amount to be paid to the Design Build Operate (DBO) Contractor for the Design Build Work, as specified in Article 13.
- Examples in Article:
- "…amount to be paid to the DBO Contractor for the Design Build Work…"
3. Operation and Maintenance (O&M) Services:
- Definition: The amount paid to an O&M Firm for performing O&M Services for the agreed term, excluding compensation for Extra Work.
- Examples in Article:
- "…amount that Department agrees to pay the O&M Firm for the performance of O&M Services…"
4. Contractual Requirements for Lump Sum Price Contracts:
- Requirement: Contractors, before pre-construction meetings, must submit a schedule of values for different portions of the work.
- Examples in Article:
- "For Lump Sum Price contracts… Contractor shall submit… a schedule of values…"
5. Temporary Traffic Control:
- Inclusion: Lump Sum Price for Temporary Traffic Control includes the work of five flaggers if a pilot vehicle is used.
- Examples in Article:
- "…Lump Sum Price for Temporary Traffic Control will include the work of five (5) flaggers."
6. Tax Inclusion:
- Stipulation: Lump Sum Price shall require prospective vendors to include applicable taxes in the offered price.
- Examples in Article:
- "Lump Sum Price shall require prospective vendor to include such taxes…"
7. Specific Work Product:
- Scenario: Lump Sum Price applies to tasks with a definable work product and a certain quantity, with the contractor assuming the risk for all costs.
- Examples in Article:
- "For tasks with a definable work product and the quantity required is certain… a lump sum price."
8. Completion of Works:
- Payment Timing: Lump Sum Price means the amount falling due on completion of the Works, excluding snagging items.
- Examples in Article:
- "Lump Sum Price means the amount falling due on completion of the Works (snagging items aside)…"
9. Agreement Definition:
- Reference: Lump Sum Price has a meaning set forth in Section 4.2 of the Agreement.
- Examples in Article:
- "Lump Sum Price means a price other than a Unit Price agreed upon in writing by the parties…"
10. FM Services Cost:
- Calculation Basis: Lump Sum Price is the cost of FM Services over the duration of the Call Off Contract, including efficiency savings and Mobilisation.
- Examples in Article:
- "Lump Sum Price means the cost of the FM Services over the duration of the Call Off Contract…"
In conclusion, Lump Sum Pricing is a comprehensive concept used in various contractual scenarios, offering clarity and predictability in project costing by providing a single, all-encompassing price for specific items or services.
