Footnotes
Change order: A change order is work that is added to or deleted from the original scope of work of a contract, which alters the original contract amount and/or completion date.
Contingency Funds: A construction contingency as it relates to a building project is a percentage of the contract value (usually 10-15%) set aside for unpredictable changes such as weather delays or unforeseen conditions. It is used as a risk management tool to financially prepare for any risk associated with a specific project.
Scope of work: Project scope is the part of project planning that involves determining and documenting a list of specified project goals, deliverables, features, functions, tasks, deadlines and ultimately costs. In other words, it is what needs to be achieved and the work that must be done by the contractor to deliver a construction project. It is spelled out in detail in advance of bids being taken for the work.
