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A schedule of rates can be the Bill of Quantities (BOQ), where, based on the design issued by or on behalf of the Employer/Contracting Authority, a list with the items will be included, together with their rates. The items will be used when measuring and valuating the works done by the contractor for payment purpose.
The BOQ consist of a list with these items described above, the quantity of each item, as estimated by or on behalf of the Employer/Contracting Authority, and the rates included by each bidder at the bidding time. The quantities and the rates allows the bidder to calculate his bid value and the Employer/Contracting Authority to award the contract based (also) on the value of the bid.
The BOQ is used in construction contracts where there is a design issued by or on behalf of the Employer/Contractor Authority, which allow the estimation the quantity for each item of work.
This will allow the payment of the actual work done by the contractor, at the rates included by the contractor in the BOQ, at the bidding time, and the lowest contract price possible, because the risk of the contractor is the lowest as regards the total cost of the contract.
Another kind of contract can be the lump sum contract, when, because the actual quantities of works cannot be estimated due to the lack of the (detailed) design at the bidding time. Sometimes only a preliminary design or even only Employer's specifications exist at the bidding time, and the bidders are to estimate the final cost of the works, and to state which their bid value is. In order to cover the high degree of uncertainty when (detailed) design is not available, the bidders will declare higher contract values, and, therefore, the contract will be awarded with higher accepted contract price.
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