Definition of Prime cost by ICE (Institution of Civil Engineers, Great Britain)
“Prime Cost (PC) Item” means an item in the Contract which contains (either wholly or in part) a sum referred to as Prime Cost (PC) which will be used for the execution of work or the supply of goods materials or services for the Works.
How to claim Prime Cost Sum?
Contractor floats enquiries and get quotations; finalized quotation is forwarded to client for approval, along with specifications of proposed materials. After getting approval, contractor proceeds with procurement and installation. The price paid to the contractor will be the amount mentioned in the purchase invoice.
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