1. Item rate contract This is also known as Unit price contract. In this contract, contractor quotes his rates for per unit of each item of construction. Bill of quantities is prepared as accurately as possible. Certain reasonable variations in the quantities being accepted by both the parties. Most of the public works are carried out under this form of the contract. 2. Percentage rate contract Department draws up the schedule of items according to the description of items sanctioned in the estimate with the quantities, units, rates and amounts…
Types of Contracts
