Contract and Legal Terms Flashcards
(5 cards)
1
Q
Liquidated Damages
A
Predetermined damages outlined in the contract for specific breaches, such as delayed completion
2
Q
Substantial Completion
A
The stage when a project is sufficiently complete for its intended use
3
Q
Punch List
A
A document listing work items that must be completed or corrected before final completion
4
Q
Lien Waiver
A
A document from a contractor, subcontractor, or supplier waiving their right to place a lien on the property
5
Q
Force Majeure
A
Contract clause that frees parties from obligation when extraordinary events occur
