A contractor for the construction of Multi-Purpose Hall was just awarded to a contractor with a contract sum of RM45 million comprising RM10 million allocation for Prime Cost Sum and Provisional Sum.
Calculate and indicate how the Advance payment will be calculated and the amount of the contractor will be received from the Client to start the project.
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Prime cost sums in construction
Prime Cost Sums
A prime cost sum is a sum provided for the work or services to be executed by a nominated sub-contractor or for materials or goods to be obtained from a nominated supplier.
Step-by-step explanation:
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