Chp 53 - Project And Practice Management Flashcards
Sole Proprietorship
company is owned by an individual and operates either under the individuals name or a company’s name.
General Partnership
two or more people share in the management, profits, and risks of the business.
Limited Partnership
Are simply investors and receive a portion of the profits. No say in the management of the company and are liable only to the extend of their investment.
Corporation (C Corporation)
an association of individuals created by statutory requirements and having an existence independent from its members.
S Corporation
offers all the advantages of a standard corporation, but the profits or losses are paid or deducted from the stockholders personal income taxes in proportion to the share of stock they hold.
Professional Corporation
For architects, similar to other corporations except liability for mal-practice held to the person responsible.
Limited Liability Company (LLC) & Limited Liability Partnership (LLP)
Are two hybrid business organizations that combine the advantages of the corporation and the partnership.
Joint Venture
is a temporary association of two or more persons or firms for the purpose of completing a project.
Departmental Organization
A project moves through the office from one department to another
Studio Organization
smaller group, responsible of completing an entire project, from initial planning to production and construction administration.
Agency (Agent)
acts on behalf of another, the “Principal”, in dealing with another, the “third party”.
Duties
What one person “owes” another in particular relationships, including contracts
Liability
is the legal responsibility for injury or damage to another person or property.
Negligence
is the failure to use due care to avoid harming another person or property.
Privity
protected from claims by parties with whom he or she has no direct contractual relationship.
Indemnification Clause
attempts to hold harmless both the owner and architect for any damages, claims, or losses resulting from the performance of any work on the project, whether by the contractor or others with whom the architect has no contractual relationship.
Professional Liability Insurance
protects the architect in case he/she causes bodily injury, property damage, or other damage.
Malpractice Insurance or errors and omissions insurance -
responds to problems from incorrect specifications, mistakes on drawings, and negligence.
General Liability Insurance
protects against claims of property damage, liability, and personal injury caused by the architect or employees, consultants, and other people hired by the architect.
Property Insurance
protects the architects building and its contents against disasters such as fire, theft, and flood.
Personal Injury protection
protects the architect against charges of slander, libel, defamation of character, misrepresentation and other torts.
Tort
is a civil wrong that causes injury to another person.
Workers Compensation
Mandatory in all states and protects employees in the event of injuries caused by work - related activities.
Monitoring
keeping track of the progress of the job to see if the planned aspects of time, fee and quality are being accomplished.
