vocab

Question 1

substition

Answer 1

A material system,or product proposed by a contractor as being equivalent to that required by the contract document.

Question 2

Property insurance

Answer 2

Fire and property damage insurance for a project, during construction, usually purchased by the owner, also called BUILDER‘S RISK INSURANCE.

Question 3

indemnification

Answer 3

also called Hold Harmless Clause, is a contractual obligation whereby one party agrees to guarantee another party against loss or damage from specified liabilities.

Question 4

Fiduciary

Answer 4

party to whom another party entrust property for safe keeping.

Question 5

Release of lien

Answer 5

A legal document signed by a supplier of material or labor for a project, which releases his or her mechanic‘s lien against the property.

Question 6

Mechanic‘s lien

Answer 6

A claim on someone‘s property by those who furnish materials or labor for the construction of a building. Clear title to the property cannot be obtained until the claim is settled. This lien is not permitted on public projects, therefore, the Miller Act requires labor and material bonds to be acquired by the contractors.
In order to protect the owner against this lien:
1. Retainage ( G707A )
2. Labor and material bond (A312)
3. Affidavit and releases of liens ( G706A )

Question 7

Waiver of lien

Answer 7

A document by which one relinquishes the right of a mechanic‘s lien against the property of another.

Question 8

Subsystems Estimate

Answer 8

A type of cost estimating, used when more details become available in a project, usually during the DD and CD phase. It deals with a project’s functional units or assemblies and enables comparisons between different conceptual solutions during those design phases.

Question 9

Detailed Estimate

Answer 9

also called Quantity and Cost Method / Labor and Material Method. It is a type of cost estimating that is usually a change in services in respect to the architect, as it requires a more in depth research on cost. For that reason, architects usually hire cost estimating consultants to provide that service. Cost per unit of material and labor are applied to the calculated quantities to arrive at the total direct cost of the construction work. Indirect costs must also be added.

Question 10

Area/Volume Estimate

Answer 10

Used primarily during the SD phase because of the lack of details available, to determine a preliminary cost estimate based on cost per square foot and cost per cubic foot.