What is TEC?
TEC stands for the Total End Cost value of a project. The TEC of a project normally includes all committed and forecast costs associated with a project from the design and related consultants, the building and related site works as well as loose furniture and any specialist equipment. The Total End Cost provides the Client and/or Project Manager with a target amount of likely total expenditure for the project in question. It also includes a provision for future cost escalation and other risk factors both prior to project commitment and during the course of it’s development.