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Why are formulae relied upon by contractors in the calculating of claims?

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asked Feb 5, 2013 in JCT Contracts by JCT Experts (-20 points)  

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This is because calculating clams can be incredibly complex if based on an itemised bill. Formulae allow a relatively straightforward way of calculating overheads and profit which negates the need for an itemised breakdown of every element involved.
answered Feb 5, 2013 by JCT Experts (-20 points)