contract sum

contract sum

The price stated in the owner-contractor agreement, which is the total amount payable by the owner to the contractor for the performance of the work, 1 under the contract documents; can be adjusted only by a change order.
References in periodicals archive ?
Shehu said FEC approved the augmentation of the contract sum for Mangu Dam, in Plateau State to the tune ofN7.
Deposits and Guarantees required: Contractor"s or Performance Bond or Deposit by Way of Security If the Contract Sum is 250 000 GBP or more, the Contractor shall, no later than the date of this Contract, procure the execution and delivery of a performance bond in favour of the Employer in the form included within the Employer s Requirements.
In South-western Nigeria it has been observed by that, of the three special sums, PC sums often account for the heaviest percentage of the contract sum [1].
The one-page service contract set out the estimated contract sum of $200 and contained this clause: "The liability of MEI and the liability of its employees are limited to the contract sum.
Under the contract, Perwimas will receive a total contract sum of US$550,000.
Deposits and Guarantees required: 5% of the contract sum to secure the contract.
security for performance of the contract from a contract sum of 250 000 EUR.
The estimated contract sum is NOK 4 000 000 including VAT.
5% of the contract sum being replaced by performance guarantee amounting to 5% of the contract sum.
Deposits and Guarantees required: Contract in the amount of 5% of the contract sum.
As well as security for claims (3% of the contract sum plus.

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