Construction Terms

A punitive measure, usually associated with failure to fulfill a contractual obligation.
A pledge from a surety to pay the bond amount to the Oblige (owner or contractor) in the event of a default in performance of contractual obligations.
An incremental approach to construction or design and construction. Each overlapping or sequential phase or element to have a defined work scope and to be considered as a separate project.
Also known as `Drawings`.
The period following substantial completion.
The period before schematic design commences, during which the project is initiated and the program is developed; the planning and conceptual phase.
A direct contract with an owner. It can be a single contract and/or include the work specified for several contracts depending upon division of work.
A contractor who has a contract with an owner.
Services provided by a professional or by an organization that has specific competence in a field of endeavor that requires professional (and technical) knowledge and capabilities and that meets recognized standards of performance.
The practice of professional construction management applied to a capital improvement program of one or more projects from inception to completion. Program Management provides additional benefits such as standardization, leveraged purchasing and economies of scale.