Building a rate library — the foundation of pricing
A rate library is the pricing engine behind every BOQ. It is a structured database of rates — the cost per unit — for every type of construction work your organisation undertakes. Without a reliable rate library, even perfectly measured quantities are just numbers without commercial meaning.
A well-maintained rate library is one of the most valuable commercial assets a contractor or QS practice possesses. It represents years of tendering experience, actual project costs, and market intelligence. It is also one of the hardest things to build and maintain.
The rate library structure typically follows NRM 2 work sections:
- Substructure: excavation rates per m3, concrete rates per m3, formwork rates per m2, reinforcement rates per tonne
- Superstructure: brickwork per m2, blockwork per m2, structural steelwork per tonne, timber framing per m
- Internal finishes: plaster per m2, floor finishes per m2, suspended ceilings per m2, decoration per m2
- Fittings: kitchen units per nr, vanity units per nr, shelving per m
- Services: mechanical installations per m2 of floor area (or detailed rates per element), electrical installations per m2 or per point
- External works: drainage per m run, paving per m2, landscaping per m2, fencing per m
Each rate in the library is not a single number. It is a composite built from labour, materials, plant, and overhead components — and it varies by region, market conditions, project complexity, and access constraints.
