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APC 24 > Key Definitions > Flashcards

Key Definitions Flashcards

1
Q

All Risks Insurance

A

Insurance for physical loss or damage to work executed, site materials and reasonable cost of removal and disposal of debris which results from such loss (with exceptions)

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2
Q

Annual Turnover

A

Revenue that a company receives from its normal business activities

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3
Q

Assignment

A

Transfer of rights under a contract to another party i.e Developer to Tenant

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4
Q

Balance Sheet

A

A snapshot of a company’s financial condition used to determine its net worth (assets - debts)

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5
Q

BCIS

A

Building cost information service

Providing cost data
Based on tender analyses submitted by members

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6
Q

Benchmarking

A

The use of historical data from projects of a similar nature as a comparison or cost check of the cost of project

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7
Q

Bond

A

Arrangement whereby obligations of one party are financially guaranteed by a third party

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8
Q

BREEAM

A

Method of assessing environment performance of a building

Building Research Establishment Environmental Assessment Method

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9
Q

Brown Roof

A

Planted with sedum, soil, and stones to replace habitat lost during construction bringing with its wildlife friendly space and benefits to biodiversity

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10
Q

Building Cost Index

A

Measures movement of basic labour and materials costs to the Builder. Used to forecast inflation during the construction phase

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11
Q

Building Regulations

A

Legislation ensuring compliance of reasonable, adequate, appropriate, and function requirements regarding the built environment

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12
Q

Capital Allowances

A

Tax relief on capital expenditure for acquiring, constructing, refurbishing, or fitting out a property

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13
Q

Cash Flow Forecast

A

Graphical representation of anticipated expenditure during project. Used to assist client in assessing timing and amount of future payments

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14
Q

CDM Regulations

A

Statutory duties on clients, principal designer, designers, and contractors to plan, manage, and co-ordinate health and safety throughout project

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15
Q

Clerk of Works

A

Appointed by the Employer to act Solely as quality inspector on his behalf under the directions of the Contract Administrator

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16
Q

Collateral Warranty

A

Side agreement which establishes a contractual link that would otherwise not exist

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17
Q

Contract at Large

A

The fixed completion date ceases to apply due to interference, prevention or continuation after breach of contract

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18
Q

Contingency

A

A sum of money used to fund unknowns, risks etc. May be construction, design reserve, risk, or client contingency

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19
Q

Dayworks

A

If works cannot be properly valued by measurements, the dayworks are used as a fair and reasonable measure of works

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20
Q

Defects

A

Defects, shrinkages, or other faults in the works due to materials or workmanship not in accordance with the contract

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21
Q

Dispute Resolution

A

Methods of dealing with conflict between parties

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22
Q

Employers Agent

A

Employer’s representatives who may perform the functions of the Employer

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23
Q

Employers Requirements

A

Brief which outlines what the employer requires in the form of an outline specification and drawings

24
Q

E-Tendering

A

Electronic, paper-free form of tendering process

25
Q

Excepted Risks

A

Insurance clauses, Contractor not required to indemnify Employer under All Risks insurance for injury, death or damage resulting from Expected Risks

Excepted Risks included radiation, contamination by radioactivity etc.

26
Q

Expert Witness

A

A professional that can be called into dispute by a party to give expert evidence of their opinion to support dispute

27
Q

Extension of Time

A

Adjustment to Completion Date due to delay caused by a Relevant Event

28
Q

Facilities Management

A

Management of the operation and maintenance of a property

29
Q

Force Majeure

A

A Relevant Event. Acts of God or man-made events beyond the control of the parties i.e. War, Strike, Riot, Crime, Flood, Earthquake

30
Q

Green Roof

A

As brown roof but planted

31
Q

Health & Safety File

A

Record of information for client or end users which focuses on H&S. Alerts readers to key health and safety risks that need to be dealt with during maintenance, repair and construction work

32
Q

Insurance

A

Method of providing indemnity. Equitable transfer of risk in exchange for a premium

33
Q

KPI

A

Used to benchmark projects against set of standards

34
Q

Latent Defect

A

Any defect which becomes apparent after the end of the Rectification Period / issue of Making Good Defects

35
Q

Life Cycle Costing

A

Consideration of costs over the whole life of a building - not just the capital costs i.e. understanding both capital and running costs. The 3 R’s: running, repairs, replacement

36
Q

Liquidated Damages

A

Genuine, pre-estimate of loss to be suffered in the event of non-completion

37
Q

Loss and Expense

A

Any loss suffered or expense incurred by the contractor due to a Relevant Matter for which he would not be reimbursed by payment under any other provision in the contract

38
Q

Partial Possession

A

Employer may take possession of part of site in advance of PC. By mutual consent, not previously agreed in the contract.

39
Q

Performance Bond

A

Guarantee of performance. Guarantor pays for loss to value of bond

40
Q

Practical Completion

A

When, in the opinion of the Contract Administrator, practical completion of the works is achieved

41
Q

Provisional Sum

A

Sum for work that the Employer may or may not decide to have carried out or which cannot be accurately measured at tender stage

42
Q

Profit & Loss Statement

A

A financial statement that indicates how revenue is transformed into net income. Indicates whether the company has made or lost money in the period

43
Q

PII

A

Insurance to indemnify client in event of financial loss due to professional negligence

44
Q

Relevant Event

A

Occurrences which entitle the contractor to an extension of time

45
Q

Relevant Matter

A

Occurrences which entitle the contractor to Loss and Expense

46
Q

Retention

A

Monies retained to fund rectification of any defective works which the contractor fails to make good

47
Q

RIBA Plan of Work

A

Breakdown of the processes for a project from inception to completion. Clearly describes key activities and deliverables

48
Q

RICS Rules of Conduct

A

Set of professional parameters and expectation for member’s behaviour

49
Q

Risk

A

An uncertain event which, if it were to occur, would have a negative effect on the project

50
Q

Risk Management

A

Identification, assessment, and ongoing management of risks

51
Q

Run Off Cover

A

Continuation of PII cover for a further 6/12 year following ceasing practice. RICS recommends 15 years

52
Q

Specifications

A

Produced by the design team to detail scope, materials and workmanship required

53
Q

Sustainability

A

Constructing with consideration for the environment and not at the detriment of future generations. Considering the long term social and economic implications of a development

54
Q

SWMP

A

Site Waste Management Plan. Records amount and type of waste produced on site and how it will be reused, recycles or disposed of

55
Q

Tender Price Index

A

Analysis of accepted tenders to predict future movement in the market. Used to forecast inflation

56
Q

Value Engineering

A

Value engineering is a process to consider alternatives to the existing solution, eliminate unwanted costs, while improving function and quality

57
Q

Letter of Intent

A

Letter outlining intention to enter into contract

APC 24 (24 decks)

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