Question

Which of the following is/are advantages of item rate contract
(A) Elasticity and fair to both the parties
(B) Economical
(C) Absence of uncertainties
(D) All of the above​

Answer 1

Answer:

(D) All Of the Above.

Explanation:

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Answer 2

(D) All of the above​ are advantages of item rate contract.

Item rate contract:

"In a team rate contract, the contractor quotes his rate per unit of each item of the construction. An estimate of the bill of quantities is done accurately."

Advantages of item rate contracts:

• The item rate contracts are otherwise called as Unit Price Contract. They are usually adapted for the majority of Public Work Contracts.

• In item rate contracts, each items of work are individually and quantitaively rated by the contractor. The rating of work is done per unit item to maintain fairness between both the parties.
• Any slight variation in the rating should be agreed by both sides of the parties.
• The rating pertains not only to the materials but also to the labour. The cost and profit of the work are analysed and formulated.