Contingency Sum Dollar Figure ?

guapea

Does anyone knows what is the dollar figure used for contingency sum ??

Thanks

JUAN

greg24k

That is the sum of any unforeseen items that can come up during the job. In general practice its not a good thing to add them in to the cost. Better way to do that, is to specify in the bid or in the contract, that if any unforeseen items should come up, extra charge will apply over the price of an estimate or the price of contract for material and labor.

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buildpinnacle

I agree with the fact that you should have a clause that covers all unforeseen conditions. On the other hand, it is a good idea to let your clients know the potential of cost overages. Most architects will use a contingency of 2% on new construction and a contingency from 5 to 20% on remodeling projects.

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