QS APC Forum by HKIS Young Surveyors Group
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K C Tang
Performance Bond
Thu Dec 15, 2011 4:20pm
59.152.251.234

The amount of extra costs would be difficult to estimate. It would be affected by the degree of closeness of the actual payment to the actual progress, the time stage of the construction, the availability of tenderers, the degree of competition, the degree of inflationary effect on the outstanding work, the time required to appoint the replacement contractor, the degree of abortive work and resources due to determination and replacement, etc.

The norm used in major provate projects is 5% of the Contract Sum. Smaller contracts may call for a higher percentage.

K C Tang

  • Performance bondQS newbie, Mon Dec 5 2:22pm
    What would be the estimated amount of the extra costs due to non-performance that should be covered by the performance bond.
    • Performance Bond — K C Tang, Thu Dec 15 4:20pm
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QS APC Forum by HKIS Young Surveyors Group