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.
A pre-established schedule, in either tabular or equation form, for assigning pay factors associated with estimated quality levels of a given quality characteristic.
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.
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.
Operators, Traffic Loaders and Schedule Checkers straight time hours.
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.