Definitions Flashcards
What is ethics?
System of moral principles that guides decision-making and behavior, focusing on what is considered morally right or wrong.
What is integrity?
Quality of being honest and having strong moral principles
What is procurement?
Process of obtaining goods and services from external sources
What is tendering?
Bidding process for obtaining the resources necessary to carry out works or services
What is D&B?
A procurement route where there is a single point of contact for design and construction
What is construction management?
Where the employer appoints seperate trade contractors to carry out the works and a constructio manager to oversee the works
What is management contracting?
Where an employer appoints a management contractor to contribute their expertise to design and manage the project.
Management Contractor appoints individual trade packagaes
What is a Relevant Matter?
Employers actions which entitle the Contractor to Loss and/or Expense
What is a Relevant Event?
An instance where the Contractor is entitled to an Extension of Time
What is Assignment?
Transfer of benefits from a contractual party to a third party
What is Novation?
Transfer of benefits and obligations from a contractual party to another
