| Stages | Basis of Quantities | Basis of Rates | When |
|---|---|---|---|
|
Base Budget Ver. 1 [A X 1] |
A. Master plan, block planning and area statement X Coefficients * from standardisation norms | 1. Phoenix base rates as per standard budget (to be updated once a year based on completed projects minus abnormalities) | Prepared as part of the Initial Business plan |
|
Ver. 2 [B X 2] |
B. BOQ/Tender without QS validation | 2. Phoenix base rates as per standard Budget and quotes received from Market or latest awarded rates with adjustment for inflation | Prepared as part of the Gateway closure |
|
Ver. 3 [C X 3] |
C. BOQ/Tender with QS validation (All packages) | 3. Bid closure (All packages) | After award of all packages and conclusion of shop drawings |
|
Ver. 4 [D X 4] |
D. On 2/3 rd of the Project complete - Actual quantities to date and quantity for completion estimated on site | 4. Bid rates +NT items+ material escalation+ Special claims | On 2/3 rd of the Project complete |
|
Ver. 5 [E X 5] |
E. Full project completion | 5. Actual cost incurred as per accounts | On completion of the Project |
|
* In the context of Budgets, Coefficients are multiplicative factor usually a number. It is a constant that connects the macro variable between the projects such as area, specs etc. with the estimated quantity. |
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