encyclopedia

PAY ADJUSTMENT

The actual amount, either in dollars or in dollars per area/weight/volume, that is to be added or subtracted to the contractor’s bid price or unit bid price.

PAY ADJUSTMENT SCHEDULE

A pre-established schedule, in either tabular or equation form, for assigning pay factors associated with estimated quality levels of a given quality characteristic.

PAY ADJUSTMENT SYSTEM

All pay adjustment schedules along with the equation of algorithm that is used to determine the overall pay factor for a submitted lot of material or construction.

PAY FACTOR

A multiplication factor, often expressed as a percentage, used to determine the contractor’s payment for a unit of work, based on the estimated quality of work.

PAY TIME

Operators, Traffic Loaders and Schedule Checkers straight time hours.

PAYMENT BOND

A bond assuring payment by the prime contractor as required by law of all subcontractors supplying labor and material in the execution of the work provided for under a contract which exceeds $25,000.