Quantum
In its broadest sense, the word "quantum" refers to an amount or quantity of something.
In the construction industry, the term "quantum" may refer to the calculation or assessment of the amount or extent of something, typically related to costs, quantities of work, or damages. It is often used in the context of legal and contractual disputes, where parties may disagree on the amount of compensation or payment due for work completed, variations, delays, or damages.
Common contexts in which the the term "quantum" may be used include:
- The calculation of financial compensation owed due to breaches of contract, delays, or other issues that cause financial loss.
- "Quantum Meruit" - a legal principle meaning "as much as is deserved," used when there is no agreed contract price, and the payment is determined based on the value of the work completed.
- In disputes, quantum assessments are critical in determining the financial impact of issues like delays, variations, or incomplete work.
- A quantity surveyor, who specialises in the assessment and calculation of the quantum of work or damages.
It may also be used to refer to quantum technologies such as quantum computers, quantum encryption, quantum optics and so on.
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