The following data are for a proposed warehouse facility construction project. The project is priced at 0.9million and has a construction period of 4 months, plus a rectification period of 3 months. The contract dates for site possession and completion are 1st May 2023 and 31st August 2023 respectively. The scheduled percentage completion of each work item over the project duration is shown in table 1. It is expected that the project will be completed on time with no cost overrun. The form of contract used is the JCT SBC/Q 2016. The construction company is newly formed with no significant record of performance in the construction business and therefore a retention rate of 5% is agreed upon.

Bill nr 1: preliminaries

time related charges See below* fixed charges See below*

Bill nr 2: Facilitating works Demolition of existing structures on site E40,500 Reptile mitigation E8,500 Temporary diversion of mains drainage E31,000 Bill nr 3: Construction works Substructure E120,000 Superstructure (incl. services) E500,000 Bill nr 4: Finishes Special floor finishes 64,000 Finishes to internal walls/partitions/columns $22,000 Finishes to inside face of external walls E14,000 Bill nr 5: External works Drainage $25,055 Paving E18,000 Fencing and landscape $16,945 Materials on site May 2023 E12,500 June 2023 E30, 100 July 2023 $17,300 Table 1: Data for the interim valuation May June July August November Work item % % complete complete complete complete complete Bill nr 1: Preliminaries 25 60 90 100 100 Bill nr 2: Facilitating works 78 93 100 100 100 Bill nr 3: Construction works 35 60 87 100 100 Bill nr 4: Finishes 0 18 78 100 100 Bill nr 5: External works 10 40 82 100 100 *Preliminaries Temporary site accommodation: Site office 650/month Storage shed $150/month Temporary plumbing, drainage and electrical $2,200 Temporary fencing: Fixing and removing $2,050 Maintenance $250/month Temporary services: Water connection E1,200Water for the works $260/month Electricity connection $1,500 Cost of electricity $2,500/month Heating site office $450/month Site security $1,800/month Site cleaning/disposal of debris/rubbish: Site cleaning E450/month Final cleaning E500 Scaffolding: Provision, erection and dismantling E3,800 Cost of hire 677.50/month lated charges (ii) fixed charges, and (iii) total