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Significance and Use
When preparing construction, project, and program cost estimates, it is often necessary to make monetary provision for change or risk, or both, or other exigencies where information is incomplete.
Such allowance, contingency or reserve sums are employed by many persons engaged in the planning, delivery, and financing of construction work.
These users include owners, developers, facilities programmers, cost planners, estimators, schedules, architects and engineers, specification writers, operating and maintenance staff, manufacturers, educators, financial managers, and comptrollers.
1.1 This classification establishes a classification for allowance, contingency, and reserve sums used in construction, project, and program estimating.
1.2 This classification applies to all construction work.
1.3 This classification is not based on permanent physical elements of construction (as defined and classified in Classification E1557). Rather, the classification items are cost components common to construction, project, and program estimates.
2. Referenced Documents (purchase separately) The documents listed below are referenced within the subject standard but are not provided as part of the standard.
E631 Terminology of Building Constructions
E833 Terminology of Building Economics
E1557 Classification for Building Elements and Related Sitework--UNIFORMAT II
E1804 Practice for Performing and Reporting Cost Analysis During the Design Phase of a Project
E1946 Practice for Measuring Cost Risk of Buildings and Building Systems and Other Constructed Projects
E2013 Practice for Constructing FAST Diagrams and Performing Function Analysis During Value Analysis Study
ICS Number Code 91.010.20 (Contractual aspects)
UNSPSC Code 30000000(Structures and Building and Construction and Manufacturing Components and Supplies); 81120000(Economics)