Effect of Inflation on the Delivery of Construction Project in Nigeria

939 WordsJun 1, 20114 Pages
AN APPARAISAL OF THE EFFECT OF INFLATION ON THE DELIVERY OF CONSTRUCTION PROJECT IN NIGERIA. SUMMITED BY SANUSI, AZEEZ OLUWAWEMIMO HND II QUANTITY SURVEYING REG: 093052006 A PROJECT REPORT TO DEPARTMENT OF QUANTITY SURVEYING, SCHOOL OF ENVIROMENTAL STUDIES, LAGOS STATE POLYTECHNIC IKORODU CAMPUS IN PARTIAL FULFILLMENT FOR THE AWARD OF HIGHER NATIONAL DIPLOMA IN DEPARTMENT OF QUANTITY SURVEYING 2.10 INTRODUCTION Inflation has been in existence in the construction industry from time immemorial. Although, it was in significant during the stone age but in recent years has been so permanent due to technological development, complexity of client, construction cost and variation to meet the tastes of the day. In order…show more content…
FLUCTUATION: This refer to increase or decrease in cost due to legislative or Market force over and above the quoted market price. In other Fluctuation is the terminology used in denote changes in Contract sum (increase or decrease) that result from change in the basic prices of labour, material and goods during the duration of the contract. VARIATION: A variation is define in JCT standard form of building contract as the Alteration or modification of the design, quality or quantity of the Work as shown upon the contract drawing and described the addition, omission or substitution of any (minor) work or the alteration of type or standard of any material or goods to be used in the work and removal from the site of any work material or good executed or brought there upon by contractor for the purpose of the works. PROJECT DELIVERY: Project meeting are highly relevant towards project delivery, Basically, public and private project needs to be coordinate by a
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