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American Society for Testing and Materials

(ASTM) A national organization whose purpose is to establish standards on materials, products, systems, and services

Punchlist

- a result of architect's inspection, identifies the work to be completed or corrected

Calendar days

365 days of the year

indemnification clause

A clause in which one party agrees to compensate another for a loss or damage that is sustained.

express contract

A contract in which the terms of the agreement are fully and explicitly stated in words, oral or written.

executed contract

A contract that has been completely performed by both parties.

executory contact

A contract that has not yet been fully performed.

implied contract/ agreement

A contract under which the agreement of the parties is demonstrated by their acts and conduct.

Cost plus

A contract where payment is for material and labor, with a profit factor added.

lump sum contract

A contract with a fixed total price for a well-defined product or service; also called a fixed-price contract

Specialty contractor

A contractor whose operations involve the performance of construction work requiring special skill and whose principal contracting business involves the use of specialized building trades or crafts.

Alternate

A defined portion of the work that is separate to provide an option to the owner.

Specifications

A detailed description of the design and materials used to make something.

design specifications

A detailed description, especially one providing information needed to make, build, or produce something.

Bid form

A document used to submit a bid to an issuer of a competitive municipal bond underwriting

Non-standard construction

A grammar construction which deviates from the norm

Certificate of insurance

A legal document that indicates that an insurance policy has been issued, and that states both the amounts and types of insurance provided.

Construction contract

A legal document which specifies the what-when-where-how-how much and by whom in a construction project.

estoppel

A legal impediment to denying a fact or restoring a right that has been previously waived.

designer

A person who designs any of a variety of things. This usually implies the task of creating drawings or in some ways uses visual cues to organize his or her work.

Public owner

A public entity such as a local, state, or federal government, or a certain institution whose project is paid for with public funds

express warranty

A seller's or lessor's oral or written promise, ancillary to an underlying sales or lease agreement, as to the quality, description, or performance of the goods being sold or leased.

Builder's Risk Insurance

A specialized form of property insurance that provides coverage for loss or damage to the work during the course of construction.

Penalty Provision

A specified sum of money that is charged against a contractor for each day that project completion is delayed. The amount is greater than the amount of the liquidated damages because a portion of it is considered punitive assessment. To be valid, such a provision must also compensate or reward the contractor for early completion.

Boiler Plate

A standard portion of a written document, such as a contract or specifications that appears in all similar documents.

bid bond, bid security

A type of insurance that the bidding contractor provides ensuring they will enter into contract with the owner. This protects the owner from selecting a winning bid that will not be executed, putting them at risk for wasted time or increased bids in a second round of bidding. Also protects owner from a contractor placing low, unrealistic bids to successfully execute the project, and against contractors bidding on too many projects at once, winning more than they can execute, and not accepting the project after winning the bid.

Change order

A written order signed by the contracting officer, directing the contractor to make changes that the changes clause of the contract authorizes the contracting officer to order without the consent of the contractor.

Professional construction management method

Agent of the owner One of the contracting procedures methods in the construction industry Is advisable on large/complex projects when construction expertise is needed during the design phase The role of the CM is to ensure that the project is delivered to the owner according to the plans and specifications. The compensation of the CM is arranged between the owner and the CM, the payment to the CM maybe based on a flat fee. The CM often gives the owner a GMP Guaranteed maximun price that the project cost will not exceed

fixed price contract

An agreement that sets the fee that will be paid for a defined scope of work regardless of the cost or effort to deliver it.

fixed-price contract

An agreement that sets the fee that will be paid for a defined scope of work regardless of the cost or effort to deliver it.

liquidated damages

An amount, stipulated in the contract, that the parties to a contract believe to be a reasonable estimation of the damages that will occur in the event of a breach.

delay

An animation setting that specifies how long the effect should pause before it begins.

separate contract's method

An arrangement by which the owner lets contracts directly to specialty contractors for various portions of the work

Private owner

An individual, organization, corporation, or business(es) that pays for a project (typically, through short-term construction loans) without using public dollars.

Payment bond

Bond that may be required of a building contractor to compensate the property owner if the contractor defaults in performance of contract obligations, such as payment of subcontractors, workers, and suppliers.

Incentive clause

Clause in a cost plus fee contract between the owner and contractor in which the savings between the guaranteed maximum cost and the actual project cost are proportionally shared.

Owner caused delays

Construction Delays directly attributable to the action or lack of action of the owner. Generally the contract duration will be extended for such delays, and the contract amount may be adjusted.

Contractor caused delays

Construction delays caused by or under the control of the contractor. No contract adjustments are associated with such delays.

excusable delays

Delays for which time extensions are granted. Such delays typically include acts of God and owner-caused delays.

Shop drawings

Drawings prepared by the contractor, subcontractor, manufacturer, or supplier, showing how specific portions of the work shall be fabricated and/or installed.

Acts of God

Events causing a project delay that are not caused by the owner or the contractor. Delay by weather

final acceptance

Is the owners acceptance of the project from the contractor after the entire work is completed, tested, and inspected in accordance with the contract requirements. This is when the final payments are made to the contractor and subsequently subcontractors (last 10%)

rain delay

Lets you turn the irrigation system off for a specific number of days without having to remember to turn it back on.

Approved equal

Material or method that is approved by the architect as being equivalent to what was originally specified.

turn key construction

Once the house is completely done

subcontractor

One who has a contract with a prime contractor to perform a portion of the work.

Special conditions

Part of the contract documents, other than the general and supplementary conditions, describing unique conditions of a project.

Progress payments

Payments made to the contractor during progress of the work on account of work completed and/or materials suitably stored.

differing site conditions

Physical conditions on a site that differ from what was shown in the bidding documents or from what would reasonably be expected.

As-Built drawings

Record drawings completed by the contractor and turned over to the owner at the end of the project identifying any changes or adjustments made to the conditions and dimensions of the work relative to the original plans and specifications.

Standard Specifications

Refers to an entire set of technical specifications that have been developed by an owner. Once developed, specs can be used for many similar projects. Higway, bridge, utility construction.

Lawful subject matter

Subject matter but be legal before, during the entering of a contract. If it is illegal and becomes legal, it is still void

Performance Specifications

Tell what results the final construction assembly must achieve, but they give the contractor some choice in how they will be achieved.

Condition of the contract

The insurer's responsibility to pay for a property loss may be conditioned on the insured having used reasonable means to avoid the loss, to protect the property against further loss, and to give the insurer proof of the loss.

instruction to bidders

The list of instructions stipulating the manner on how bids are to be prepared and conditions for the award of contract.

Considerations

The many pieces of information a person uses to form an opinion.

Notice to proceed

The owner authorizes the contractor to begin work on a project on a particular day or as soon as possible. This notice is linked to the duration of the project.

design build

The owner contracts with one entity (a person or firm) to provide both design and construction services, that entity then subcontracts portions of the work to others as needed

Completetion

The visual system interpolates the blind spot based on surrounding detail and information from the other eye

Davis-Bacon Act of 1931

This law requires the payment of "prevailing wages" to employees of contractors and subcontractors working on government construction projects.

Assignment of Contract

Transfer of all rights under a contract to a third party. Assignor remains secondarily liability.

Offer and acceptance

Two essential components of a valid contract; a "meeting of the minds."

field change

Type of change that has no impact on the contract's duration or amount

Bonding Company

Who pays for a contract that has been trusted with a surety bond when the undertaker cannot pay for the funeral

encumbrance

a burden or impediment

Contractor

a person who agrees to provide services for a specific price

Owner

a person who owns something

Agent

a person who works for someone else in a team project

Lien

a right to keep possession of property belonging to another person until a debt owed by that person is discharged.

holidays

a time when you do not have to go to work or school

Canned specifications

a typical or base template for the written description of the drawing

implied warranty

an unwritten guarantee that the good or service is fit for the purpose for which it was sold

disclaimer

assertion designed to forestall any complaints or negative reactions to a behavior or statement that is about to occur

Certificate of Substantial

certificate which sufficiently of a project is complete

Soil boring logs

classification of existing soil

General conditions

conditions of corrections in the community that are standard across convicted offenders

drawings

owner's equity

final payment

payment on a simple interest loan that consists of the remaining balance plus the current month's interest

Master specifications

prewritten specifications that cover nearly all types of products, methods of installation and other variables that relate to a specific product or construction activity.

Non-Collusion affidavit

statement by a bidder under oath that the bid was prepared without collusion of any kind.

Plans

the actions or means managers intend to use to achieve organizational goals

interest expense

the interest accrued on money borrowed

Bonding capacity

the number of covalent bonds an atom forms to have an octet of electrons in its valence shell

Negotiated contract

the owner selects a contractor to do the work and then has the contractor look at drawings and work up a price quote

Offer

to bring forth ideas; to propose or present

Mutual agreement

when all parties agree to the terms of the contract

Agreement

written document signed by each party instrument that binds them together.

Addendum

written or graphic instrument, issued to clarify, revise, delete in documents


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