Define: Prime Cost Sum

How is Prime Cost Sum defined in a legal contract?

• Prime Cost Sum means a predetermined total included in the contract to cover the cost of a specific item of work or materials that may be supplied by the contractor. The exact cost of which is uncertain at the time the contract is formed. Seen in 17 SEC filings
• Prime Cost Sum means the provided amount for work to be carried out, or for materials or services to be supplied by a nominated subcontractor. This sum is the estimated net price to be paid for such carried out work or for materials or services supplied by a subcontractor, after subtracting any trade or other discounts. Seen in 2 SEC filings
• Prime Cost Sum means a monetary allowance specifically for the purchase and supply of certain materials to be included in the contract works. The freedom of selection of these materials is reserved for the principal. It does not include the costs associated with the installation of the materials and the contractor's overhead and profit. Seen in 1 SEC filing
• Prime Cost Sum means a sum included in the contract and so designated for the execution of work or services or the provision of goods or materials by a nominated subcontractor. The sum may be used, in whole or in part, or not at all, at the discretion of the company. Seen in 1 SEC filing
• Prime Cost Sum means a sum designated in the pricing document for work to be executed by a nominated subcontractor. Seen in 1 SEC filing

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of prime cost sum' yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

• Prime Cost Sum means a specified sum in the contract designated to cover the cost of work, services, goods, or materials delivered by the contractor.

Relevant Contract Types

• Constructing Contracts
• Negotiated Contracts
• Supply Contracts
• Subcontract Agreement
• Fixed Price Contract

Relevant Circumstances

• When a contractor is delivering specific work, services, goods or materials.
• For agreements where costs can't be determined upfront.
• For contracts where budget mapping is critical.

Relevant Sectors

• Construction
• Manufacturing
• Engineering

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