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Miles - APC Project Management > Key Terms > Flashcards

Key Terms Flashcards

1
Q

Adjustment of Completion Date

A

Extension or reduction to Date for Completion stated in the contract due to one of the Relevant Events. Provides relief to contractor for breach of contract and liability of LAD’s.

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2
Q

All Insurance Risk Insurance

A

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

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3
Q

Annual Turnover

A

Income or revenue that a company receives from its normal business activities, usually from the sale of goods and services.

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4
Q

Assigment

A

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

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5
Q

Balance Sheet

A

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

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6
Q

BCIS

A

Subsidiary of RICS, providing cost data for construction cost, operation and maintenance and re-building. Based on tender analyses submitted by members.

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7
Q

Benchmarking

A

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

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8
Q

Bond

A

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

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9
Q

BREEAM

A

Method of assessing environmental performance of a building.

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10
Q

Brown Roof

A

Planted with sedum, soil and stones to replace habitat lost during construction brining with it wildlife friendly space and benefits to biodiversity.

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11
Q

Building Cost Index

A

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

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12
Q

Building Regulations

A

Legislation ensuring compliance of reasonable, adequate, appropriate functional requirements regarding the built environment.

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13
Q

Capital Allowances

A

Tax relief on capital expenditure for accruing, constructing, refurbishing or fitting out a property. Plant and machinery, land remediation.

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14
Q

Cashflow 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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15
Q

Category A Fit-Out

A

Fit-out of functional areas. Including raised floors, suspended ceilings, M&E installation beyond risers.

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16
Q

Category B Fit-out

A

Further specific fitting out for end user/ Including internal partitions, underfloor power, IT and data.

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17
Q

CDM Regulations

A

A code of practice which places statutory duties on clients, CDM coordinator, designers and contractors to plan, manage and co-ordinate health and safety throughout project.

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18
Q

Clerk of works

A

Appointed by the Employer to act solely as inspector on his behalf under the directions of the CA.

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19
Q

Collaterall Warranty

A

Side agreement which establishes a contractual link that would otherwise not exist due to privity of contract. A separate contract.

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20
Q

Conflict of Interest

A

Where members interests conflict with a client or where two or more clients interests conflict.

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21
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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22
Q

Contigency

A

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

Construction contingency may be included as an undefined *It should be noted that all of the above-mentioned solutions were enacted in this instance. Provisional sum or held ‘below the line’.

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23
Q

CPI

A

Co-ordinated project information.

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24
Q

Dayworks

A

If works cannot be properly valued by measurement, then dayworks are used as a fair and reasonable measure of works.

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25
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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26
Q

Dispoute Resolution

A

Methods of dealing with conflict between parties.

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27
Q

Disruption

A

Regular progress of the works is materially affected by a Relevant Matter. Contractor is entitles to L&E which he would not be reimbursed by payment under any other provision on the contract.

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28
Q

Dutch Auction

A

Also know as a reverse bidding. Tenderers un auction situation in knowledge of lowest/required sum.

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29
Q

Early Use by Employer

A

Employer may, with consent of Contractor, use or occupy site (or part thereof) before PC. Insurers must confirm policy not prejudiced/ Contractor cannot unreasonably delay or withhold notice.

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30
Q

Employers Agent

A

Employers representative who may perform the functions of the employer.

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31
Q

Employers Requirements

A

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

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32
Q

Energy Performance Cert

A

Gives and energy efficiency rating to a building.

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33
Q

Enhanced Capital Allowances

A

Enhanced rate of tax relief for energy saving and green plant and machinery.

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34
Q

E-Tendering

A

Electronic, paper-free form of tendering process.

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35
Q

Ethics

A

Standards of what is right and wrong in terms of obligations, fairness and benefits to society.

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36
Q

Expected Risks

A

Insurance clauses. Contractor not required to indemnify Employer under all risks insurance for injury, death or damage resulting from expected risks.

Expected risks include radiations, contamination by radioactivity etc.

37
Q

Expert Witness

A

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

38
Q

Extension of Time

A

Adjustment to Completion date due to delay caused by a Relevant Event.

39
Q

Facilities Management

A

Management of the operation and maintenance of a property.

40
Q

Force Majeure

A

A relevant event. Actos of god or man-made events beyond the control of parties i.e war, strike, riot, crime, flood, earthquake.

Note: Exceptionally adverse weather, civil commotion and strike are all covered as separate Expected Risks therefore coverage of force majeure actually very limited.

41
Q

Heads of Claim

A

Prolongation, disruption, loss of profit, head office overheads, finance charges.

42
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.

43
Q

Indemnity

A

Guarantee, Compensation

44
Q

Insurance

A

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

45
Q

Joint Names Policy

A

Insurance policy in names of both parties. Removes opportunity for subrogation.

46
Q

KPI

A

Used to benchmark projects against set of standards.

47
Q

Latent Defects

A

Any defects which becomes apparent after the end of the Rectification period / issue of making good defects.

48
Q

Letter of Intent

A

Letter outlining intention to enter into contract.

49
Q

Life Cycle Costing

A

Consideration of costs over the whole life of a building - not just the capital costs.

50
Q

Liquidated Damages

A

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

51
Q

Loss & 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.

52
Q

New Civil Procedure Rules

A

Reforms to Civil justice system proposed by Lord Woofle. Improved the speed of litigation, reduced the cost and improved chances of early settlement.

53
Q

Novation

A

The transfer of rights and obligations under a contract from one party to another, under a separate contract.

54
Q

Parent Company Guarantee

A

Parent Company guarantees to fulfil obligations at own cost in the event of a non performance or insolvency.

55
Q

Partial Possession

A

Employer may take possession of part of site in advance of PC. By mutual consent, not previously agreed. PC deemed to have occurred on the relevant party.

56
Q

Performance Bond

A

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

57
Q

Practical Completion

A

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

58
Q

Prime Cost

A

Sum of money to be expended on works nominated subcontractors or goods by nominated suppliers.

59
Q

Prolongation

A

Extended site presence due to a Relevant matter for which the contractor would not be reimbursed by payment under any other provision in the contract.

60
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.

Defined - Where item can be described and approximately quantified to extent that contractor can make allowances within their prelims and programme.

Undefined - Where scope of work is unknown and cannot be adequately described therefore Contractor not able to make allowances within their prelims or programme.

61
Q

Profit & Loss Statement

A

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

62
Q

Preambles

A

Preliminary introduction explaining the purpose and any implied points i.e indicative list, not exhaustive.

63
Q

Preliminaries

A

Measured under NRM. General and particular items relating to the project generally (site set up, location), the contract (bonds, insurance), employers requirements (security, safety, quality standards), contractors general cost items (management, accommodation).

64
Q

PII

A

Insurance to indemnify client in event of financial loss due to professional negligence. Protect firm from loss it cannot meet due to a claim for professional negligence.

65
Q

Quantum Meruit

A

“As much as he has earned” A claim for a reasonable sum as payment for services rendered. Used where there is no contractual basis for assessing amounts due.

66
Q

Relevant Event

A

Occurrences which entitle Contractor to extension of time should they be affect regular progress of the works.

67
Q

Relevant Matter

A

Occurrences which entitle Contractor to Loss & Expense for which he would not be reimbursed by payment under any other provision in the contract.

68
Q

Retention

A

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

69
Q

RIBA Plan of Works

A

Breakdown of process for a project from inception to completion. Clearly Describes key activates and deliverables.

70
Q

RICS Rules of Conduct

A

Set of professional parameters and expectations for members behaviour.

71
Q

RICS Member Support Levy

A

A support fund to protect members who find themselves being sued personally and have no access to PII protection.

72
Q

Risk

A

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

73
Q

Risk Management

A

Identification, assessment and ongoing management of risks.

74
Q

Run Off Cover

A

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

75
Q

Schedule 2 Quotation

A

Quotation to be provided upon request by CA. To include adjustment to contract sum, completion date and if requested, additional resources and method statement.

76
Q

Site Materials

A

All unfixed materials and goods delivered to and placed on or adjacent to the works which are intended for incorporation therein.

77
Q

Step-in Rights

A

Allow a party to step-in and perform contract if original party is unable or unwilling to do so i.e collateral warranties

78
Q

Subrogation

A

The right to sue in the name of the assured or any person who could have been sued by the assured in respect of the loss i.e for loss caused as a result of negligence, breach etc

79
Q

Specifications

A

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

80
Q

Star Rate

A

Where a rate cannot be valued simply from contract rates, a star rate is derived using contract rates as a basis.

81
Q

Sustainability

A

Constructing with consideration for the environment and no at the detriment of future generations. Considering the long term social and economic implications of development.

82
Q

SWMP

A

Records amount and type of waste produced on site and how it will be reused, recycled or disposed of.

83
Q

Tender Price Index

A

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

84
Q

Terrorism Cover

A

Insurance provided by a joint names policy to cover physical loss or damage to works, site materials or existing structures caused by terrorism.

85
Q

Value Engineering

A

The value engineering approach which allow the generation of alternatives to the existing solution. Eliminate unwanted costs, while improving function and quality.

86
Q

Value Management

A

Proactive. Understanding what value means to client, communicating that to the tram and maximising the delivery of those benefits whilst minimising use of resources.

87
Q

Variations

A

Alteration or modification of the design, quality or quality of the works and the imposition of obligations of restrictions regarding access to site, limits on working space, working hours or order of completing the works.

88
Q

Variations in D&B

A

Called changes. Any change in the ER’s which makes necessary the alteration or modification of design, quality or quantity of the works etc.

89
Q

Warranty

A

Written guarantee of quality of a project.

Miles - APC Project Management (18 decks)

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