Which of the following is NOT considered a 'hard cost' in construction?

In construction terminology, 'hard costs' refer to the tangible expenses directly associated with the physical construction of a project. These costs typically include materials, labor, and equipment directly involved in the construction process.

Land acquisition is categorized differently; it is considered a 'soft cost.' Soft costs are expenses not directly tied to physical construction but are necessary for project completion, including permits, legal fees, financing, and land costs. While important to the overall budget and project scope, land acquisition does not involve the construction activities themselves, which is why it is not classified as a hard cost.

On the other hand, construction materials, labor costs, and equipment rental are all direct expenses that contribute to the construction of a building or structure, classifying them firmly as hard costs. These costs impact the immediate and tangible aspects of putting a project together.