cost of completion

cost of completion

n. the amount of money (damages) required to complete performance (finish the job) when a contract has been breached by the failure to perform. Example: when a general contractor breaches by not completing a house, the cost of completion is the actual cost of bringing in a new builder to finish what is left to do. The actual costs become the measure of damages rather than an estimate of cost based on percentage of work to be done.

References in periodicals archive ?
The meeting was told that in the revised PC-1 2018, the Water and Power Development Authority (Wapda) included additional components such as a power house, project colony, access roads, cost of spillways and pipeline to the Manchhar Lake, increasing the cost of completion of the dam to Rs46.73bn.
He asked the officers concerned to conduct survey and submit detailed report with estimated cost of completion of non functional water supply schemes of the district.
Award criteria: the most economically advantageous offer appreciated according to the criteria stated below: cost of completion of works: 70% - technical value: 30% -
NG-CDF acting CEO Yusuf Mbuno yesterday confirmed that the verification entails establishing the completion status of the projects before calculating the total cost of completion.
The final cost of completion of the project is Nu 41,258.545mn.
One particular example is that of Neelum Jhelum project that was started back in the era of former President Parvez Musharraf yet due to neglect, especially in the era of PPP, frequent timelines were given for its completion that also pushed up its cost of completion. It is however heartening to see that finally this vital project is also expected to start electricity generation by end of current month as reportedly water filling in head race tunnel has been started.
"UAE continues investments despite a drop in oil prices, which some people see as positive for reducing the cost of completion of projects."
value of completed performance, the cost of completion, or something
All too often as market conditions tighten and work becomes scarce, too many firms take on work at, or even below, the basic cost of completion in order to fill order books.
The company decided not to further develop the project due to final estimates of the likely ultimate cost of completion and said that all project development costs to date have been taken into account and the wind-down costs will be immaterial.
The value of the investment project before the investment has been completed also depends on the expected cost of completion, F(C,K,t).
"Currently, we are preparing the revised cost of completion with the main contractor and quantity surveyors," said Mr Janahi.