{"id":95248,"date":"2020-12-24T13:49:23","date_gmt":"2020-12-24T08:19:23","guid":{"rendered":"https:\/\/www.vskills.in\/certification\/tutorial\/?page_id=95248"},"modified":"2024-04-12T14:25:20","modified_gmt":"2024-04-12T08:55:20","slug":"contract-costs","status":"publish","type":"page","link":"https:\/\/www.vskills.in\/certification\/tutorial\/contract-costs\/","title":{"rendered":"Contract Costs"},"content":{"rendered":"\n<p>Contract costs should comprise:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Costs that relate directly to the specific contract;<\/li><li>Site labour costs, including site supervision;<\/li><li>Costs of materials used in construction;<\/li><li>Depreciation of plant and equipment used on the contract;<\/li><li>Costs of moving plant, equipment and materials to and from the contract site;<\/li><li>Costs of hiring plant and equipment;<\/li><li>Costs of design and technical assistance that are directly related to the contract;<\/li><li>The estimated costs of rectification and guarantee work, including expected warranty costs; and<\/li><li>Claims from third parties.<\/li><\/ul>\n\n\n\n<p>Costs that are attributable to contract activity in general and can be allocated to the contract;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Insurance;<\/li><li>Costs of design and technical assistance that are not directly related to a specific contract; and Construction overheads.<\/li><li>Borrowing costs capitalized under AS 16 Borrowing cost<\/li><\/ul>\n\n\n\n<p>Such other costs as are specifically chargeable to the customer under the terms of the contract. Costs that cannot be attributed to contract activity or cannot be allocated to a contract are excluded from the costs of a construction contract. Such costs include:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>General administration costs for which reimbursement is not specified in the contract;<\/li><li>Selling costs;<\/li><li>Research and development costs for which reimbursement is not specified in the contract;<\/li><li>Depreciation of idle plant and equipment that is not used on a particular contract.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Contract costs should comprise: Costs that relate directly to the specific contract; Site labour costs, including site supervision; Costs of materials used in construction; Depreciation of plant and equipment used on the contract; Costs of moving plant, equipment and materials to and from the contract site; Costs of hiring plant and equipment; Costs of design&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-95248","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Contract Costs - Tutorial<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.vskills.in\/certification\/tutorial\/contract-costs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Contract Costs - Tutorial\" \/>\n<meta property=\"og:description\" content=\"Contract costs should comprise: Costs that relate directly to the specific contract; 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