Unit Price

A Unit Price in the construction industry refers to the cost assigned to a specific unit of measurement for materials or labor within a construction project. This pricing method is used to calculate the total cost of materials and labor based on the actual quantities needed or used. Unit prices are detailed in contracts for items like cubic yards of concrete, tons of steel, hours of labor, etc., allowing for flexibility and adjustments to the total project cost as actual usage varies. This approach is beneficial for managing costs in projects where the scope or quantities of work cannot be precisely determined in advance.