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for new work by submitting a bid to an architect or an owner, naming a price for which he will agree to perform certain specified work. After securing the contract, he arranges for the delivery of the materials required and proceeds with the construction of the job by organizing his field labor forces, meeting all payrolls and paying for materials. Periodically he submits a request for payment to the architect. The latter issues a certificate indicating to the owner the sum of money to which the contractor is entitled for work completed by him. The owner pays the contractor from time to time the sums shown by these certificates.

CHAPTER II

THE OWNER AND THE CONTRACTOR

Preliminary Negotiations

Certain preliminaries necessarily always precede the actual signing of a contract between an owner and a contractor.

An investor, individual or corporate, owning a piece of property, improved or unimproved, decides to erect an office building and has certain funds available. What are the steps to be taken? The investor first consults an architect, giving him an idea of the type of building to be erected and its location. The architect secures preliminary estimates of the probable cost. Using these estimates as a basis, the investor enters into negotiations to finance the work properly so that construction may be begun and continued to completion.

When the financing arrangements are completed and the continued progress of the work assured, the owner instructs the architect to prepare plans and specifications. The architect carefully studies the project in order to design a building of the proper height and certain maximum rental space so as to insure the investor a profitable investment. For this service he receives a fee that is generally a definitely stated percentage of the cost of the building, as represented by sums paid to the contractors.

The architect employs draftsmen and engineers to draw plans and write specifications embodying the investor's ideas. When completed, the plans and specifications are given to contractors with an invitation to submit bids stating both the amount for which they will agree to erect a building in accordance therewith, and the date on which construction will be finished and the building ready for occupancy.

Determination of Contract Price

The contractors examine the plans and specifications for the purpose of ascertaining the quantities and nature of the units of work required to be done. The quantities are tabulated on sheets which are generally quadrille-ruled and printed at the top as indicated by Form 1.

Values are then placed on the units of work. The values of materials and subcontract work are determined from information secured from material dealers and subcontractors as to prices for which they will furnish the materials and services

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needed. The values used in pricing labor units are predicated on knowledge of past production by mechanics and laborers and the probable rates of wages to be paid during the construction of the proposed building.

The quantity sheets are arranged so that all details of each trade and each feature of the work are grouped. The total estimated cost of each trade or feature is obtained when all valuations, extensions, and additions have been made. The quantity sheets should be sorted to correspond with the order in which trades and features of work appear on the summary sheet of estimate (Form 2). The sum of the values of all

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This form is intended to be suggestive only, and should be modified to cover the conditions in the office of the particular contractor who is submitting the bid. The tabulation of cost of the different trades to be done by subcontractors is made on a separate sheet and the total carried forward to the sheet above. A standard form that would include all the trades engaged in by him should be adopted to avoid omitting the cost of the work of an entire trade when preparing the final figures for a bid.

the trades or features of work is the contractor's estimated cost of performing the work contemplated by the architect's plans and specifications.

These values are summarized on the summary sheet to obtain the total estimated cost. To this total the contractor adds an amount as his estimated or anticipated profit on the work. The sum of the estimated cost and profit is the amount for which the contractor will furnish the work called for in the plans and specifications.

Time to Complete

The contractor next studies the work to be done to determine approximately the time that will be needed to complete each part of the work, and he prepares a tentative time schedule (Form 3). The finished schedule furnishes the contractor with the approximate date by which he can have the building ready for occupancy.

Selection of Contractor

The contractor then submits a bid to the architect, naming the sum referred to above as his proposed contract price, and stating the date on which he will guarantee to complete the work and be ready to turn over the building to the owner for the use of his tenants.

After the bids are received from the various contractors to whom the plans and specifications have been submitted, the architect and owner decide upon the contractor to whom the contract is to be given. The selection of a contractor is not always based on the lowest bid but takes into consideration the period the bidder will require to perform the work as well as his reputation for ability to complete the work on time and to carry out the terms of the contract. When a bid is accepted, the contract is prepared.

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