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98 Cards in this Set
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Events causing a project delay that are not caused by the owner or the contractor. Such delays often result in adjustments to the contract duration but not to the contract amount. |
Acts of God |
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An increase in the pace of construction as a result of a specific directive from the owner. |
Actual Acceleration |
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Formal changes or clarifications issued to all identified bidders by the owner or the owner’s representative during the bidding period. |
Addenda |
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Construction work that was not recognized at the contract award but that must be performed in order to deliver a project as planned. |
Additional Work |
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Weather conditions not anticipated in a particular location for a particular time of the year that impede construction progress. |
Adverse Weather |
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A public announcement to solicit bids for a construction project. |
Advertisement |
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An arrangement between a principal and an agent by which the agent agrees to perform certain tasks for the principal. The principal is bound by the actions of the agent. |
Agency Agreement |
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A party who acts for another party and binds that party by those acts. |
Agent |
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An itemization for selected items of work for which bidders are asked to provide prices which will add to or subtract from the base bid. They give the owner greater flexibility in choosing items on the contract. |
Alternates |
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A means used for settling conflicts by means of an alternate procedure to formal litigation. |
Alternative Dispute Resolution Technique (ADR) |
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A well-established alternative to litigation in which the conflict is resolved by an impartial third party or an impartial panel of selected individuals. |
Arbitration |
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Project drawings that show all data concerning the actual in-place locations of all construction items, including any items that differ from what was shown in the original drawings. |
As-Built Drawings |
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A unit price bid that accurately reflects the actual anticipated price of each item of work to be performed. |
Balanced Bid |
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A surety instrument that guarantees to the owner that the bearer, if awarded the contract, will enter into a binding contract and provide all required bonds. |
Bid Bond |
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The effort by a bidder, usually a subcontractor, on a project to determine the relative standing of a quoted bid. If the bid is not the lowest bid, the bidder may reassess the amount originally quoted and submit a lower bid before the deadline for bid submittal. |
Bid Peddling |
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An agreement made through the mutual promises of the contracting parties. |
Bilateral Contract |
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An elected group of individuals who are assigned the responsibility of managing a corporation. They act as agents for the stockholders and are accountable to them. |
Board of Directors |
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The general conditions which outline the roles of the parties to a construction agreement and provide guidance concerning procedures to follow under varying circumstances. |
Boilerplate (aka General Conditions) |
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The maximum amount of incomplete construction work that a contractor can have under contract, above which no bonds will be provided. |
Bonding Capacity |
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A situation in which the general contractor subcontracts all the work on the project. |
Brokerage |
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Construction insurance that provides coverage specifically for a project that is under construction. Although this is normally considered to be fire insurance, other types of losses are also generally covered. |
Builder’s Risk Insurance |
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The time unit that may be used to define the duration of construction. |
Calendar Days |
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A change order that is of such magnitude that the original scope of the project is altered to an extent that constitutes a new contract. |
Cardinal Change |
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A defense, no longer valid, in which it is assumed that a product must be accepted with whatever flaws exist at the time of purchase. |
Caveat Emptor (let the buyer beware) |
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A written document that serves as evidence that a particular insurance policy is in force. |
Certificate of Insurance |
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A directive, usually authorized in writing by the owner, to alter or modify some aspect of a project. Generally accompanied by an adjustment to the contract amount and/or duration. A specification that is expressly restrictive in stating that only one or two products with satisfy the quality requirement |
Change Order |
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A specification that is expressly restrictive in stating that only one or two products will satisfy the quality requirements or is implied when performance is so narrowly prescribed. |
Closed Specification |
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The written standards of behavior adopted by a profession. |
Code of Ethics |
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The time of construction; stated not in terms of a specified duration but as a specified date by which construction must be complete. |
Completion Date |
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The time unit that may be used to define the duration of construction. |
Calendar Days |
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The exercise of eminent domain to seize private property. |
Condemnation |
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An essential ingredient to a contract that implies something of value, commonly a stated sum of money. |
Consideration |
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A detailed network analysis or bar chat of a construction project showing the sequence and duration of activities required to construct a project. |
Construction Schedule |
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An increase in the pace of construction that is not a result of a directive but is done by inference. Denial of a legitimate request for a time extension, such as for an excusable delay or a change order, would be an example. |
Constructive Acceleration |
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The party who has primary responsibility for the construction of a project. |
Constructor |
Also called the Prime or General Contractor |
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Construction delays caused by or under the control of the contractor. No contract adjustments are associated with such delays. |
Contractor-Caused Delays |
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A change order that is of such magnitude that the original scope of the project is altered to an extent that constitutes a new contract. |
Cardinal Change |
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A defense, no longer valid, in which it is assumed that a product must be accepted with whatever flaws exist at the time of purchase. |
Caveat Emptor (let the buyer beware) |
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A written document that serves as evidence that a particular insurance policy is in force. |
Certificate of Insurance |
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A directive, usually authorized in writing by the owner, to alter or modify some aspect of a project. Generally accompanied by an adjustment to the contract amount and/or duration. A specification that is expressly restrictive in stating that only one or two products with satisfy the quality requirement |
Change Order |
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A specification that is expressly restrictive in stating that only one or two products will satisfy the quality requirements or is implied when performance is so narrowly prescribed. |
Closed Specification |
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The written standards of behavior adopted by a profession. |
Code of Ethics |
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The time of construction; stated not in terms of a specified duration but as a specified date by which construction must be complete. |
Completion Date |
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The title of OSHA employees who are responsible for enforcing OSHA regulations through site inspections. |
Compliance Officer |
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A bid that is not prepared in earnest but is presented to appear to be a serious bid. Usually generated through collaborative efforts with another bidder who does submit a serious bid. |
Complimentary Bid |
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Careless acts of an injured person that accompany the careless acts or physical conditions under the control of a second party. |
Contributory Negligence |
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A contract in which the contractor is reimbursed for specified incurred costs, with an additional allowance provided for overhead and profit. |
Cost-Plus Contract |
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The rejection of an offer followed by another proposal, forming a new offer. One by a party changes the roles of the negotiating parties. |
Counteroffer |
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Public permission granted by the owner of property for the public to use a given parcel of land for a specified use. This cannot be denied as long as consistent use is made as specified. |
Dedication |
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An arrangement by which the owner lets a single contract for both the design and construction of a project. |
Design-Construct Method |
Also known as Design-Build or Turnkey Construction. |
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The party responsible for translating the concept of a project to a document that can be used as a guide for its construction. |
Designer |
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“How to” specifications that state exactly what the contractor is to do in order to satisfy a quality requirement. |
Design Specifications |
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Physical conditions on a panel a site that differ from what was shown in the bidding documents or from what would reasonably be expected. |
Differing Site Conditions |
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A panel of experts selected on a project to render decisions in disputes brought to it for consideration. |
Disputes Review Board |
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The rejection of an offer followed by another proposal, forming a new offer. One by a party changes the roles of the negotiating parties. |
Counteroffer |
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The right of the federal or state government, or another public agency, to take possession of private property and appropriate it for public use. |
Eminent Domain |
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The legitimate, though implied, formation of a contract as evident through the actions of the parties involved. |
Estoppel |
When one party places a reliance on the other party based on that party’s actions, the second party cannot subsequently deny that an agreement exists. |
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Specific items stated in an insurance policy for which no coverage is provided. |
Exclusions |
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Contract clauses that shift liability from one of the contracting parties to the other. In the absence of such a clause, the shift in risk will not occur. |
Exculpatory Provisions |
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Delays for which time extensions are granted. Such delays typically include acts of God and owner-caused delays. |
Excusable Delays |
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An agreement in which both parties have fully performed in accordance with the contract terms. |
Executed Contract |
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An agreement in which one or both parties to the agreement have not yet performed. |
Executory Contract |
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A factor, unique to a company, that reflects the last claims history of that company and is used to increase or decrease the basic insurance premium charges. |
Experience Modification Rating |
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Public permission granted by the owner of property for the public to use a given parcel of land for a specified use. This cannot be denied as long as consistent use is made as specified. |
Dedication |
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An arrangement by which the owner lets a single contract for both the design and construction of a project. |
Design-Construct Method |
Also known as Design-Build or Turnkey Construction. |
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The party responsible for translating the concept of a project to a document that can be used as a guide for its construction. |
Designer |
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“How to” specifications that state exactly what the contractor is to do in order to satisfy a quality requirement. |
Design Specifications |
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Physical conditions on a panel a site that differ from what was shown in the bidding documents or from what would reasonably be expected. |
Differing Site Conditions |
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A panel of experts selected on a project to render decisions in disputes brought to it for consideration. |
Disputes Review Board |
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Monetary return made by insurance companies to clients who have kept losses to an acceptably low level. Also, profits of corporations shared with stockholders. |
Dividends |
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A restricted use of private land granted to another party - which may include the right to cross a parcel of land to gain access to another; install, maintain, and monitor utility lines; etc. |
Easement |
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A means by which delay reimbursement can be made to the contractor to compensate for home office overhead (controversial and not universally accepted). |
Eichleay Formula |
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The rejection of an offer followed by another proposal, forming a new offer. One by a party changes the roles of the negotiating parties. |
Counteroffer |
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The right of the federal or state government, or another public agency, to take possession of private property and appropriate it for public use. |
Eminent Domain |
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The legitimate, though implied, formation of a contract as evident through the actions of the parties involved. |
Estoppel |
When one party places a reliance on the other party based on that party’s actions, the second party cannot subsequently deny that an agreement exists. |
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Specific items stated in an insurance policy for which no coverage is provided. |
Exclusions |
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Contract clauses that shift liability from one of the contracting parties to the other. In the absence of such a clause, the shift in risk will not occur. |
Exculpatory Provisions |
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Delays for which time extensions are granted. Such delays typically include acts of God and owner-caused delays. |
Excusable Delays |
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An agreement in which both parties have fully performed in accordance with the contract terms. |
Executed Contract |
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An agreement in which one or both parties to the agreement have not yet performed. |
Executory Contract |
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A factor, unique to a company, that reflects the last claims history of that company and is used to increase or decrease the basic insurance premium charges. |
Experience Modification Rating |
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An agreement in which the terms of the agreement, whether verbal or written, are clear, concise, explicit, and definite. |
Express Contract |
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The specific statement in a contract that a warranty is to be effective on a project. |
Express Warranty |
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Public permission granted by the owner of property for the public to use a given parcel of land for a specified use. This cannot be denied as long as consistent use is made as specified. |
Dedication |
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An authorized directive, usually by the owner’s representative on a project, to alter or modify some aspect of the project, which normally does not change the contract amount or duration. |
Field Change |
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The status of a project when all punch list items have been satisfactorily addressed and the owner officially accepts the project, at which point the retainage can be released to the contractor. |
Final Completion |
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A contract in which the contractor agrees to construct a project for a specified sum of money. A mexhanis |
Lump Sum Contract (or Fixed-Price Contract) |
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A mechanism by which no contracts are awarded for a construction project. The owner’s own workers or employees are solely responsible for the construction effort. |
Force Account |
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A plan initiated by a contractor in which a disproportionate share of the payments to be made to the contractor are made early in the life of the project - a way of getting the owner to finance a greater share of the project. |
Front-Loading |
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An arrangement by which the owner lets a single contract for both the design and construction of a project. |
Design-Construct Method |
Also known as Design-Build or Turnkey Construction. |
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The party responsible for translating the concept of a project to a document that can be used as a guide for its construction. |
Designer |
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“How to” specifications that state exactly what the contractor is to do in order to satisfy a quality requirement. |
Design Specifications |
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Physical conditions on a panel a site that differ from what was shown in the bidding documents or from what would reasonably be expected. |
Differing Site Conditions |
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A panel of experts selected on a project to render decisions in disputes brought to it for consideration. |
Disputes Review Board |
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Monetary return made by insurance companies to clients who have kept losses to an acceptably low level. Also, profits of corporations shared with stockholders. |
Dividends |
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A restricted use of private land granted to another party - which may include the right to cross a parcel of land to gain access to another; install, maintain, and monitor utility lines; etc. |
Easement |
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A means by which delay reimbursement can be made to the contractor to compensate for home office overhead (controversial and not universally accepted). |
Eichleay Formula |
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A common procedure in which the owner of a project contracts with a single firm, often called a prime contractor, for its construction. This firm may contract with specialty contractors for portions of the work. |
General Contract Method |
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