Banta exam 2

Commercial General Liability Insurance

A standard insurance policy issued to business organizations to protect them against liability claims for bodily injury (BI) and property damage (PD) arising out of premises, operations, products, and completed operations; and advertising and personal injury (PI) liability

Base Bid

Amount of money stated in the bid as the sum for which the bidder offers to perform the work required by the project documents. Does not include the work for which alternate bids are submitted.

Permit Inspections

An inspection following the completion of work that a certain permit was issued for. Ensures that the work performed was done properly while adhering to code

Assignment of Risk

At the outset of each project, an owner and a contractor should anticipate and evaluate potential risks to project success and, where applicable, assign responsibility for those risks to the party or parties best situated to control them.

Builder's Risk Insurance

Covers the physical "work" of the project coverage that protects a person's or organization's insurable interest in materials, fixtures and/or equipment being used in the construction or renovation of a building or structure should those items sustain physical loss or damage from a covered cause

Contractual Liability

Essentially, the contractor is legally responsible for everything within the contract Liability imposed on an entity by the terms of a contract. As used in insurance, the term refers not to all contractually imposed liability but to the assumption of the other contracting party's liability under specified conditions.

Risk Assessment

Identification of all risks within a construction project

Tort Liability

Legal obligation of one party to a victim as a results of a civil wrong or injury. This action requires some form of remedy from a court system.

Quality Control Plan

Quality control (QC) is the contractor's definition of how the project quality will be managed during construction of the project. Any unique project quality requirement must be defined in a project specific document. It defines who is responsible for achieving the quality standards and how this is to be accomplished.

Certificate of Plan Approval (CPA) Documents

When the project plans are submitted to the AHJ's plans examiner, and approved for construction, this certificate is this issued by the AHJ for the project to proceed.

Certificate of Occupancy

a document issued by a local government agency or building department certifying a building's compliance with applicable building codes and other laws, and indicating it to be in a condition suitable for occupancy.

Pre-Installation Conference

all relevant parties gathered collectively prior to each job to discuss the proper installation of systems for projects. This pre-installation meeting allowed for the review of crucial information before the hectic pace of the project began. At these meetings, experts with unique experiences and perspectives shared their knowledge on construction. We discussed, face to face, how to deal with pressing issues, including the prevention of potential problems before the project began.

Allowance

an amount specified and included in the construction contract (or specifications) for a certain item of work (e.g., appliances, lighting, etc.) whose details are not yet determined at the time of contracting.

Site Utilization Plan

analyzing how the entire job site will be utilized throughout different phases of the project. Can consist of access roads, lay down areas, storage, job trailers, equipment parking, etc.

Basis of Design

consists of text paragraphs, preliminary drawings, equipment lists, etc. Well-defined requirements consist of a set of statements that could form the basis of inspection and test acceptance criteria.

Guaranteed Maximum Price (GMP) Contract

cost-type contract (also known as an open-book contract) where the contractor is compensated for actual costs incurred plus a fixed fee subject to a ceiling price.

Construction Contingency

downside risk estimates that make allowance for the unknown risks associated with a project. Typically, contingencies refer to costs, and are amounts that are held in reserve to deal with unforeseen circumstances

Workers Compensation Insurance

form of insurance providing wage replacement and medical benefits to employees injured in the course of employment in exchange for mandatory relinquishment of the employee's right to sue their employer for the tort of negligence.

Contract Documents

he written documents that define the roles, responsibilities, and "Work" under the construction Contract, and are legally-binding on the parties (Owner and Contractor).

Statutory Liability

indicating the liability of a party who may be held responsible for any action or omission due to a related law that is not open to interpretation.

Code Compliance

is compliance with a written, adopted or required set of rules that have been set into a code format.

Scope of Work ("Work")

is the area in an agreement where the work to be performed is described. The SOW should contain any milestones, reports, deliverables, and end products that are expected to be provided by the performing party. The SOW should also contain a time line for all deliverables.

General Conditions

items included under the general conditions are all of those tools, resources, and equipment needed to build a project, but not directly related to the physical construction activities, and that you can be entitled to be compensated for.

Adjudication Board

may be called upon early in the evolution of any dispute which cannot be resolved by the parties and be asked to publish decisions or recommendations on how the matters in issue should be settled

Quality Assurance

primarily about understanding the requirements that must be met to achieve quality, and developing the plan to meet those requirements.

Scope Gap

when a requirement is not fulfilled, or delivered due to it not being addressed within the scope of work

Scope Overlap

when scopes are not well defined they can lead to multiple parties being responsible for the same thing.

Stipulated Sum Contract

which a specific amount is set forth as the total payment on completion of the agreement