What is A Schedule of Rates?
A schedule of rates is a breakdown of the parts of a building by category, which is prepared by builders during the tender- process and submitted with their quotation or tender. It states prices for different types of the building like metal- stud walls and finished roofs. For a house- extension project, it should be a fairly short document ranging from 3- 10 pages in length. It is used to assign values to interim certificates for payment under standard building contracts, and most importantly; to assign values to design changes and additional items (“extras”).
