What is the difference btwn Contract Sum and Cost Of Work.
For example, hazardous material was found and owner had to take care of it.
Then, the cost of it is included in Cost Of WOrk, but not in Contract Sum?
pwlcapricorn1 wrote:Definition of cost of work: Sum of all expenses incurred by a contractor in the performance of a contract.
Definition of 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 under the contract documents; can be adjusted only by a change order....
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