Hi guys, I am just going through some building contracts and just wanted to ask a quick question. Are the Provisional Sums on the HC-6 contract included in the overall contract cost? For example, if the contract value on the progress payment page is $250k (100%) and $15k is listed for demolition and landscaping under provisional sum. Is this $15k included inside the $250k? Or is it essentially $250k + $15k = $265k. Assuming final cost of landscaping and demolition is $10k instead of $15k. Does that mean my contract overall value is $250k + $10k = $260k OR $250k - $5000 = $245k. Sorry if this is confusing. Thanks!
Join Washington Brown's Tax Agent Referral Program At Washington Brown, we prioritise our referral clients and guarantee a turnaround time of 7 days. Find out about other benefits of our Referral Partner Program and get in touch today. You and your clients will benefit. » Get In Touch Today
