PcM - 4.0 - 5.0 Flashcards
CERTIFICATE OF INSURANCE
A memorandum which outlines the types and limits of the insurance coverages carried by the contractor for a project
INSTRUCTION TO BIDDERS
Instructions in the bidding documents for preparing and submitting bids for a project.
Also called “notice to bidders”
GUARANTEED MAXIMUM COST
An amount established in an agreement between an owner and a contractor as the maximum cost of performing specified work.
Also called the upset price.
SCHEDULE OF VALUES
A statement furnished to the architect by the contractor reflecting the amounts to be allotted for the principal divisions of the work. It serves as a guide for reviewing the contractor’s periodic applications for payment.
LIABILITY INSURANCE
Insurance which financially protects the insured against liability on account of bodily injury or property damage sustained by another.
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 a “stipulate sum contract.”
LETTER OF INTENT
A letter signifying intention to enter into a foral agreement and setting forth the general terms therof.
POST-COMPLETION SERVICES
Additional services rendered to the owner by the architect following actual completion of the project.
SUBSTITUTION
A material, system, or product proposed by a contractor as being equivalent to that required by the contract documents.
PERFORMANCE SPECIFICATION
A specification which defines products or systems by describing end results.
SUBSTANTIAL COMPLETION
As defined by 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’S LIEN
A claim on property by those who furnish material or labor for the construction of a building. Clear titles to the property cannot be obtained until the claim is settled.
APPROVED EQUAL
A material or method that is approved by the architect as being equivalent to what was originally specified.
DUE CARE
or
STANDARD OF CARE
The requirement that a professional exercise reasonable ability and judgment in a specific circumstance, the absence of which constitutes negligence.
Also Called “Standard of Care”
WAIVER OF LIEN
A document by which one relinquishes the right of a mechanic’s lien against the property of another.
PROPERTY INSURANCE
or
BUILDER’S RISK INSURANCE
Fire and property damage insurance for a project during construction, usually purchased by the owner.
Also called, Bulider’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 temrs of a change order.
MEANS OF EGRESS
The elements which comprise an exit to the outside, including aisles, corridors, doors, and stairways.
CSI MASTER FORMAT
A systematic listing of construction trades, materials, systems, and administrative, requirements published by the Construction Specifications Institute (CSI) for the purpose of organizing construction specifications.
PERCENTAGE AGREEMENT
An owner-architect agreement
under which the professional fee is based upon a percentage of the construction cost of the project.
ERRORS AND OMISSIONS INSURANCE
or
PROFESSIONAL LIABILITY INSURANCE
Insurance which financially protects an architect against claims for damages resulting from professional negligence.
Also called Professional liability Insurance
UPSET PRICE
An amount established in an agreement between an owner and a contractor as the maximum cost of performing specified work.
Also called the “Guaranteed Maximum Cost”
INDIRECT EXPENSE / OVERHEAD EXPENSE
Overhead expense, that is, expenses inderectly incurred and not chargeable to a specific project.
Also called “Overhead Expense”
REFERENCE SPECIFICATIONS
A specification which refers to quality standards established by recognized testing authorities or by the federal government.
