CD Terms Flashcards
fiduciary
is a party that has been entrusted with the property of another for safekeeping.
pro forma
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.
A tort claim is a claim made against another party due to ____________.
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.
common law
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.
date of substantial completion
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.
application for payment
a contractor’s written request for payment of the amount due on account of work completed and or materials suitably stored on site.
final completion
The completion of all work in accordance with the terms and conditions of the contract documents
subcontractor
one who has a contract with a prime contractor to perform a portion of the work
means of egress
The elements which comprise an exit to the outside, including aisles, corridors, doors, and stairways
general contract
The contract between the owner and the contractor for the construction of a project.
single prime contract
A contract for building construction under which one prime contractor is responsible for the entire project, in contrast to having separate contracts
record drawings
A term sometimes erroneously used to describe a drawings revised to show changes made during construction.
unit price
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
lump sum contract
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
consultant
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.
letter of intent
A letter signifying intention to enter into a formal agreement and setting forth the general terms thereof
performance specification
A specification which defines products or systems by describing end results
substantial completion
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
mechanic lien
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.
waiver of lien
A document by which one relinquishes the right of a mechanic’s lien against the property of another
standard of care
The requirement that a professional exercise reasonable ability and judgement in a specific circumstance, the absence of which constitutes negligence. Also called due care
guaranteed maximum cost
An amount established in a arrangement between an owner and a contractor as the maximum cost of performing specified work. Also called upset price
sample
A material or assembly submitted for the architect’s approval prior to the manufacturer or delivery to the project
warranty
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.
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.
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.
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.
bid
A proposal by a contractor to do the work required by the contract documents for a stipulated sum of money
critical path method (CPM)
A system of planning and scheduling construction operations which analyzes sequences and durations of time using network diagrams
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.
contract time
The period of time within which the work must be completed, as established in the contract documents
progress payments
Payments made to the contractor during progress of the work on account of work completed and/or materials suitably stored
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.
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
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.
professional liability insurance
Insurance which financially protects an architect against claims for damages resulting from professional negligence. Also called errors and omissions insurance.
construction documents
Working drawings and specifications
bidding documents
The invitation to bid, instructions to bidders, bid form, and the contract documents
submittal
A shop drawing, project data, or sample submitted by the contractor to the architect for review prior to incorporation in the work
base bid
The sum of money stated in the bid for which the bidder offers to do the work, not including any alternate bids.
insurance
coverage by contract, whereby one party agrees to indemnify or reimburse another against the loss from a specified hazard
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.
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.
negligence
Failure to meet the ordinary standard of care expected of an architect or other professional in a specific circumstance
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.
performance bond
a bond which guarantees to the owner that the contractor will perform the work in accordance with the contract documents.
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
advertisement for bids
Published public notice soliciting proposals for a construction project
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
supplementary conditions
Part of the contract documents prepared by the architect, which may modify provisions of the general conditions of the contract
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
project representative
The architect’s representative at the site, who assists in the general administration of the construction contract for a project
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
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.
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
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.
property insurance
Fire and property damage insurance for a project during construction usually purchased by the owner, Also called builder’s risk insurance
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.
