Masonry, or the craft of building structures out of individual units of natural stone, brick, concrete or other materials, is an ancient and venerated practice. Lump Sum Bid, or the process of submitting a single bid amount to cover all costs associated with a specific project, is a common practice in the masonry industry. This bid amount is usually determined by tallying the estimated cost of materials, labor, and other costs associated with the project, and then adding a predetermined markup to cover overhead and profit. It can also include the cost of the masonry materials, as well as any other materials used to complete the project. The Lump Sum Bid is often used in the masonry industry when the scope of the project is known, but the exact cost of materials and labor are not.
Construction, Estimation, Costing, Bidding, Overhead
As an architect, a Lump Sum Bid is a fixed-price bid for construction that includes labor, materials, and equipment. In other words, the cost of the job is agreed upon prior to the start of work and the contractor is only entitled to the agreed-upon amount. This type of contract is often used when the scope of the project is well-defined and unlikely to change, making it easier to accurately estimate costs up front. The Lump Sum Bid can also be used on projects that are more challenging to estimate, but the contractor agrees to absorb any additional costs associated with the project.
Costs, Pricing, Estimation, Negotiations, Agreement.
CITATION : "Michael Adams. 'Lump Sum Bid.' Design+Encyclopedia. https://design-encyclopedia.com/?E=236625 (Accessed on July 10, 2025)"
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