The Contingency items page for a construction cost plan
This is a simple article discussing the various elements of a construction cost-plan to attempt to articulate the best practice for construction cost-plans.
The Contingency package page is simply one page of around thirty pages that lay out, item by item, the works involved in a construction project.
The Contingency page for a construction cost plan is simply the page that lists out the contingency percentage that the Client will allow on top of all known costs.
In a typical construction costs plan there will be separate sections for the following elements (trades/work packages):
Its purpose is to identify the contingency allowed in the construction cost plan.
It means that the Client or any of the team members can see exactly how much contingency is allowed for.
The contingency is there to cover any items that were missed in the original cost plan or any unforeseen work.
The Contingency items costs can be creating by adding a chosen percentage on top of all the known costs for the construction project.
Generally, at least 10%-15% of the construction costs are allowed as the contingency.