Prime cost and provisional sum items
The HIA ACT Residential Building Contract for New Dwellings Contract and/or the Alterations and Additions Contract have provisions for prime cost and provisional sum items.
This detailed, expert-led guide is an opportunity to get familiar with these crucial contract terms and establish the clear difference between prime cost items (which have unknown costs or haven't been selected when the build commences) and provisional sum items. It also explains what you should do when a prime cost becomes a variation and key considerations around firming up builder's margin.
Ensure you have a solid working knowledge of these elements with this builder’s resource.
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Who is it for?
Building Professionals in ACT
A resource for builders that outlines everything you need to know about prime cost and provisional sum items in a building contract.
What does it include?
- Prime cost items and the contract
- Normal prime cost adjustments
- When a prime cost becomes a variation
- The definition of a provisional sum item.