CD Terms Flashcards
(145 cards)
1
Q
fiduciary
A
is a party that has been entrusted with the property of another for safekeeping.
2
Q
pro forma
A
A pro forma is assumed, forecasted, or informal information presented in advance of the actual or formal information. The common objective of a pro forma document is to give a fair idea of the cash outlay for a shipment or an anticipated occurrence. Pro forma financial statements give an idea of how the actual statement will look if the underlying assumptions hold true. Latin for, according to form or for form’s sake.
3
Q
A tort claim is a claim made against another party due to ____________.
A
Torts are civil wrongs recognized by law as grounds for a lawsuit. These wrongs result in an injury or harm constituting the basis for a claim by the injured party.
4
Q
common law
A
the law developed by the common law courts as being common to all the Crown’s subjects, as distinct from equity.
a general name for Anglo-American case-based systems, as opposed to civilian code-based systems.
5
Q
date of substantial completion
A
The date, certified by the architect, when the construction is sufficiently completed, in accordance with the contract documents, so that the owner can occupy the project for the intended use.
6
Q
application for payment
A
a contractor’s written request for payment of the amount due on account of work completed and or materials suitably stored on site.
7
Q
final completion
A
The completion of all work in accordance with the terms and conditions of the contract documents
8
Q
subcontractor
A
one who has a contract with a prime contractor to perform a portion of the work
9
Q
means of egress
A
The elements which comprise an exit to the outside, including aisles, corridors, doors, and stairways
10
Q
general contract
A
The contract between the owner and the contractor for the construction of a project.
11
Q
single prime contract
A
A contract for building construction under which one prime contractor is responsible for the entire project, in contrast to having separate contracts
12
Q
record drawings
A
A term sometimes erroneously used to describe a drawings revised to show changes made during construction.
13
Q
unit price
A
An amount, stated in dollars per unit, provided by the contractor with his or her bid for adding or deleting specific portions of the work
14
Q
lump sum contract
A
An agreement under which the architect or contractor is paid a specific amount as the total fee for services performed. Also called stipulated sum contract
15
Q
consultant
A
An engineer or other specialist retained by the architect to provide specified professional services to the architect which the architect is required to provide to the owner under the owner-architect agreement.
16
Q
letter of intent
A
A letter signifying intention to enter into a formal agreement and setting forth the general terms thereof
17
Q
performance specification
A
A specification which defines products or systems by describing end results
18
Q
substantial completion
A
As defined in the AIA General Conditions, completion of a project to the point where the owner can occupy all or designated portions of the work for the purpose for which it is intended
19
Q
mechanic lien
A
A claim on property by those who furnish material or labor for the construction of a building. Clear title to the property cannot be obtained until the claim is settled.
20
Q
waiver of lien
A
A document by which one relinquishes the right of a mechanic’s lien against the property of another
21
Q
standard of care
A
The requirement that a professional exercise reasonable ability and judgement in a specific circumstance, the absence of which constitutes negligence. Also called due care
22
Q
guaranteed maximum cost
A
An amount established in a arrangement between an owner and a contractor as the maximum cost of performing specified work. Also called upset price
23
Q
sample
A
A material or assembly submitted for the architect’s approval prior to the manufacturer or delivery to the project
24
Q
warranty
A
A legally enforceable assurance of the quality of materials and labor furnished for a project, or of the length of time that a project or a part thereof will perform satisfactorily. Also called a guarantee.
25
fast-track
Describing a construction procedure in which construction on each phase of a project is begun when its design is completed, without waiting for overall project design completion.
26
Americans with Disabilities Act (ADA)
Federal civil rights legislation which establishes the right of persons with disabilities to equal access to sites and buildings and set design guidelines for its implementation.
27
certificate of substantial completion
A document prepared by the architect stating that the work is substantially complete, thereby establishing the date of substantial completion. It generally fixes the time within which the contractor must complete the unfinished work listed.
28
bid
A proposal by a contractor to do the work required by the contract documents for a stipulated sum of money
29
critical path method (CPM)
A system of planning and scheduling construction operations which analyzes sequences and durations of time using network diagrams
30
cost-plus fee contract
An agreement under which the contractor, or the architect is reimbursed for his or her costs and in addition is paid a fee for his or her services.
31
contract time
The period of time within which the work must be completed, as established in the contract documents
32
progress payments
Payments made to the contractor during progress of the work on account of work completed and/or materials suitably stored
33
liquidated damages
a sum chargeable against the contractor as reimbursement for damages suffered by the owner because of the contractor's failure to complete the work within a specified time.
34
construction management (CM)
Management services performed by the architect or others, over and above normal architectural services that contribute to the control of time and cost in the construction project
35
change order
A written order to the contractor, prepared by the architect and signed by the owner, contractor, and architect, which authorizes a change in the work, the contract sum, or the contract time.
36
professional liability insurance
Insurance which financially protects an architect against claims for damages resulting from professional negligence. Also called errors and omissions insurance.
37
construction documents
Working drawings and specifications
38
bidding documents
The invitation to bid, instructions to bidders, bid form, and the contract documents
39
submittal
A shop drawing, project data, or sample submitted by the contractor to the architect for review prior to incorporation in the work
40
base bid
The sum of money stated in the bid for which the bidder offers to do the work, not including any alternate bids.
41
insurance
coverage by contract, whereby one party agrees to indemnify or reimburse another against the loss from a specified hazard
42
statue of limitations
An ordinance which specifies the period of time within which legal action must be brought to obtain legal relief for damage or injury.
43
certificate of occupancy
A document issued by the governing authority stating that a building complies with application laws and permitting occupancy for its designated use.
44
negligence
Failure to meet the ordinary standard of care expected of an architect or other professional in a specific circumstance
45
surety bond
An agreement under which one party (the surety) guarantees to make good to another party (the obligee) the debt, default, or failure to perform of a third party (the contractor). also called a bond.
46
performance bond
a bond which guarantees to the owner that the contractor will perform the work in accordance with the contract documents.
47
release of lien
A legal document signed by the supplier of material or labor for a project, which releases his or her mechanic's lien against the property
48
advertisement for bids
Published public notice soliciting proposals for a construction project
49
certificate for payment
A statement by the architect informing the owner of the amount due to the contractor on account of work completed and or materials suitably stored
50
supplementary conditions
Part of the contract documents prepared by the architect, which may modify provisions of the general conditions of the contract
51
payment request
A contractor's written request for payment of the amount due on account of the work completed and or materials suitably stored on site. Also called application for payment
52
project representative
The architect's representative at the site, who assists in the general administration of the construction contract for a project
53
labor and material payment bond
A bond guaranteeing to the owner that the contractor will pay for all the labor and materials used for the project
54
due care
The requirement that a professional exercise reasonable ability and judgement in a specific circumstance the absence of which constitutes negligence. Also called standard of care.
55
upset price
An amount established in an agreement between the owner and a contractor as the maximum cost of performing specified work. Also called guaranteed maximum cost
56
deposit for bidding documents
a deposit of money required for each bidder as security for the bidding documents to sure the return of the documents by unsuccessful bidders.
57
property insurance
Fire and property damage insurance for a project during construction usually purchased by the owner, Also called builder's risk insurance
58
construction change directive
A document signed by the owner and the architect which authorizes a change in the work, the contract sum, or the contract time. It is used when there is not complete agreement on the terms of a change order.
59
XCU
The exclusion from insurance coverage for liability arising out of X explosion or blasting, Collapse of a structural damage to a building and Underground damage caused by mechanical equipment
60
Observation
On-site examination of the contractor's work by the architect to determine in general if it is proceeding in accordance with the contract documents
61
Worker's compensation insurance
Insurance which covers workers job related injuries usually required by law
62
sick building syndrome
A term used to describe poor air quality, which can lead o discomfort and possibly disease
63
shop drawings
drawings prepared by the contractor, subcontractor, manufacturer, or supplier, showing how specific portions of the work shall be fabricated and or installed
64
contract sum
The total payable amount by the owner to the contractor, as stated in the owner-contractor agreement for performing the work under the contract documents
65
specifications
Part of the contract documents comprising written descriptions of materials, construction systems and workmanship
66
surety
An individual or company that guarantees to make good to another party the debt, default, or failure to perform of a third party
67
basic services
The architectural services normally required for a building project, usually consisting of schematic design , DD, CD, bidding or negotiation and construction contract documents
68
addition to the contract sum
An amount added to the contract sum wither by an accepted additive alternate or by change order
69
schedule of values
A statement furnished to the architect by the contractor reflecting the amounts to be allotted for the principal divisions of the work. It serves as a guide for reviewing the contractor's periodic application for payment
70
fixed limit of construction cost
the maximum allowable cost of the construction work, as established in the owner-architect agreement.
71
option
a choice given to the contractor to provide specified alternates without prior approval of the architect
72
superintendent
the contractor's representative at the site
73
gurantee
A legally enforceable assurance of the quality of materials and labor furnished for a porject, or of the length of time that a project or a part thereof will perform satisfactorily. Also called a warranty
74
retainage
An amount withheld from each payment to the contractor in accordance with the terms of the owner-contractor agreement
75
as-built drawings
drawings showing existing conditions
76
barrier-free provisions
Regulations which provide for accessibility to buildings and sites for persons with disabilities
77
bond
An agreement under which one party (the surety) guarantees to make good to another party the debt, default, or failure to perform of a third party (the principle). Also called a surety bond
78
punch list
A list of items to be corrected or completed, which is provided by the contractor and usually expanded by the architect based on a detailed inspection of the work prior to substantial completion.
79
agent
One who acts on behalf of another
80
working drawings
the part of the contract documents prepared by the architect which graphically illustrates the construction required for the project
81
float
The extra time available for a construction activity above its estimated time duration without causing any delay of project completion
82
additive alternate
A proposal by a bidder for an amount to be added to the base bid if the corresponding change in the work is accepted.
83
program
A written statement of the owner's conditions and requirements for the project
84
indirect expense
Overhead expense, that is expenses indirectly incurred and not chargeable to a specific project. Also called overhead expense
85
bid bond
a surety bond guaranteeing that the bidder will sign a contract if offered in accordance with his or her proposal.
86
reference specification
A specification which refers to quality standards established by recognized testing authorities or by the federal government.
87
substitution
A material system or product proposed y a contractor as being equivalent to that required by the contract documents
88
liability insurance
insurance which financially protects the insured against liability on account of bodily injury or property damage sustained by another
89
post completion services
additional services rendered to the owner by the architect following actual completion of the project
90
certificate of insurance
A memorandum which outlines the types and limits of the insurance coverages carries by the contractor for a project
91
instructions to bidders
Instructions in the bidding documents for preparing and submitting bids for a project. Also called notice to bidders
92
contract documents
working drawings, specifications, addenda, general conditions of the contract, supplementary conditions, and the owner-contractor agreement
93
direct personnel expense (DPE)
Salaries and wages attributable to a specific project, plus benefits such as employment taxes, insurance, sick leave, holidays, vacations, pensions and similar benefits
94
project budget
The sum established by the owner as available for the entire project, including the construction budget, land cost, equipment cost, financing cost, cost of professional services, and contingency allowances
95
lowest acceptable bonna fide bid
the lowest bid which complies with all the stipulated requirements
96
CSI MasterFormat
A systematic listing of construction trades, materials, systems, and administrative requirements published y the Construction Specifications Institute for the purpose of organizing construction specifications.
97
prime contractor
any contractor on a project who has a contract directly with the owner
98
project manual
The manual prepared by the architect for a project including the technical specifications bidding instructions and forms, general conditions, supplementary conditions, special conditions and other legal admin documents
99
hold harmless clause
a contractual obligation whereby one party agrees to guarantee another party against loss or damage from specified liabilities Also called indemnification
100
comprehensive services
The architects basic services expanded to include certain additional services such as programming, land use studies and so on.
101
Division One
The general requirements division of the specifications which establishes the administrative and procedural duties of the contractor, architect, and owner during construction
102
addenda
statements or drawings which modify the basic contract documents after the latter have been issues to the bidders, but prior to closing the bids
103
arbitration
An alternative to litigating a dispute in which one or more arbitrators hears the evidence and renders a decision
104
direct expense
expense items directly incurred by or attributable to a specific project
105
supervision
Direction of the work by the contractor's personnel. Supervision is not the responsibility of the architect
106
cash allowance
an amount not included in the contract sum to cover the cost of certain items not specified in detail. Hardware and other finish items are often handled in this manner.
107
closed proprietary specification
A proprietary specification which requires a particular brand or trade name and does not permit any substitutions
108
overhead expense
Indirect expense, that is expenses indirectly incurred and not chargeable to a specific project. Also called indirect expense
109
special conditions
Part of the contract documents, other than the general and supplementary conditions describing unique conditions of a project
110
express warranty
a legally enforceable promise made by the warrantor
111
subrogration
The substitution of one entity for another with regard to legal rights
112
indemnification
a contractual obligation whereby one party agrees to guarantee another party against loss or damage from specified liabilities. Also called the hold harmless clause.
113
descriptive specification
A specification which describes all product components, arrangements, assembly methods, properties and other details and requirements.
114
builder's risk insurance
Fire and property damage insurance for a project during construction usually purchased by the owner. Also called property insurance
115
notice to bidders
Instructions in the bidding documents for preparing and submitting bids for a project. Also called instructions to bidders
116
total quality management
an approach to the delivery of goods or services in which quality is determined by customer satisfaction and conformance to requirements
117
approved equal
A material or method that is approved by the architect as being equivalent to what was originally specified
118
errors and omissions insurance
Insurance which financially protects an architect against claims for damages resulting from professional negligence. Also called professional liability insurance
119
percentage agreement
An owner-architect agreement under which the professional fee is based upon a percentage of the construction cost of the project
120
Davis-Bacon Act
Federal legislation that requires the Department of Labor to set prevailing wages for government-financed construction projects
121
multiple of direct personnel expense agreement
An agreement providing for payment for professional services based upon the direct personnel expense multiplied by an agreed factor.
122
trade discount
The difference between the list price and the actual price paid
123
penalty
A charge against the contractor for failing to complete the project by a specific date
124
separate prime contract
One of several owner-contractor agreements for a project, each of which provides for constructing a major portion of the work (general construction, electrical, mechanical, etc.) by a different contract
125
Pert
Acronym for a project evaluation review technique. A form of network analysis developed for military work and similar to the critical path method.
126
Proprietary specification
A specification which calls for desired materials products, systems, and equipment by their trade names and model numbers
127
clerk of the works
The owner's job site representative
128
contingency allowance
An amount included in a construction budget normally 5 to 10 percent, to provide for unforeseen or unpredictable costs
129
bonus and penalty clause
A provision in the construction contract for payment of a bonus to the contractor for completing the project prior to a specific date, and for a charge (penalty) against the contractor for failing to complete the project by that date.
130
alternate bid
A proposal by a bidder for an amount to be subtracted from or added to the base bid if the corresponding change in the work is accepted. This may be either a deductive or additive alternate.
131
completion bond
A bond obtained by the contractor or owner which guarantees that the project will be completed free of liens
132
stipulated sum contract
An agreement under which the architect or contractor is paid a specific amount as the total fee for services performed. Also known as lump sum contract
133
open proprietary specification
A proprietary specification which names several acceptable materials, products, or systems any of which may be used by the contractor.
134
incentive clause
A clause in a cost plus fee contract between the owner and the contractor in which the savings between the guaranteed maximum cost and the actual project costs are proportionally shared.
135
deductive alternate
A proposal by a bidder for an amount to be subtracted from the base bid if the corresponding change in work is accepted.
135
Base bid with alternates
A type of specification that calls out a proprietary product but allows the substitution of other products that the contractor thinks are equal to the one stated.
136
ASTM
American Society for Testing Materials
137
ANSI
American National Standard Institute
138
MSDS
Is a listing of product safety information prepared by manufacturers and marketers of products containing toxic chemicals
139
Construction procurement services
During this phase the architect must assist the owner in obtaining competitive bids or negotiated proposals and must assist in awarding the contract and preparing contracts for construction.
140
Privity
One party to a contract is protected from claims from other parties with whom there is no direct contractual relationship.
141
Pre-bid conference
A meeting with the architect, owner, and bidders during which the bidders can ask questions and the architect and owner can emphasize particularly important conditions of the project
142
Sole proprietorship
The company is owned by an individual and operates under the individuals name or a company name.
143
Corporation
An association of individuals created by statutory requirements and having an existence independent from its members. Usually taxed at a lower rate than individuals.
144
field sketch
is used to revise contract documents based on conditions found in the field
