Unit Price
Unit price contracting is a reimbursable form where payment is based on actual quantities at set unit prices. CMAA guidance describes unit price as a reimbursable contract form used to price work based on measured quantities.
- Where it applies
- Generally, not specific to New York
- When it comes up
- Contracting; construction
- Property types
- Civil/site work; infrastructure-heavy projects; uncertain quantities
In practice
Unit price structures reduce quantity risk for owners only if measurement rules and unit definitions are precise and auditable.
Related terms
Construction Terminology
- Change Order
- Construction Management at Risk (CMAR / CM@Risk)
- Design-Bid-Build
- Design-Build
- Guaranteed Maximum Price (GMP)
- Hard Costs
- Lump Sum
- Punch List
- Shop Drawings
- Soft Costs
General information, not legal, tax or financial advice.