1. Include
contractor’s original estimated total
cost plus cost of all change orders and
extra work orders approved to date.
2. Do
not include “claims” or “disputed
items.” If desired, attach an explanation.
3. See
instructions below. |
As
your surety agent, we are as interested as
you in accurate progress reports on our construction
work. This form is intended to help present
such a report.
As a guide, the following definitions
are given so that the data presented
will be
more meaningful.
1. CONTRACT
PRICE and CONTRACTOR’S
ESTIMATED COST AT TIME OF BID should
include approved change orders only and,
in original
estimated costs, the costs applicable
thereto. Exclude claims and disputed
items. If desired,
an explanation of these items may be
attached.
If contracts are on a unit price basis,
and the estimated number of units approved
has
increased or decreased since bid date,
adjust the original contract price and
costs accordingly,
using the original price and cost per
unit as a base, and enter these amounts
unless
the change in unit quantity has contractually
operated to change the unit price.
2. All projects should be listed: Bonded,
non-bonded, lump sum and cost plus.
3. COSTS should be entered consistent
with financial statement (Profit and
Loss Report)
allocation, excluding general and administrative
(specifically unallocated) overhead.
4. BILLED
TO DATE and COSTS TO DATE should
be entered as of the same date or, when
this schedule is provided in conjunction
with
a financial statement, consistent with
their treatment in the financial report.
5. ESTIMATED
COSTS TO COMPLETE should
be a revised figure reflecting developments
which have occurred subsequent to bid
date
causing a change in total cost (or cost
per unit), if any, not merely a subtraction
exercise.
After approximately 50% completion, it
is imperative that a re-evaluation of
costs
be made. In the early stages of a project,
a re-evaluation of costs may be difficult
and perhaps impractical.
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