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According to the General Conditions (AIA A201 Section 9.8.2), the Contractor prepares and submits to the architect a comprehensive list of items to be completed or corrected. This snag list, as generated by the Contractor, is known as the punch list.
Retainage is a portion of the agreed upon contract price deliberately withheld until the work is complete to assure that contractor or subcontractor will satisfy its obligations and complete a construction project. [1]
Sectional completion refers to a provision within a construction contract which allows different completion dates for different sections of the works. This is common in larger projects which are completed in stages, allowing the client to take possession of the completed parts whilst construction continues on others.
A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin.
The AIA has acknowledged that design–build is becoming one of the main approaches to construction. In 2003, the AIA endorsed "The architect's guide to design–build services", [4] which was written to help their members acting as design–build contractors. This publication gives guidance through the different phases of the process: design ...
This only occurs after the completion of the construction documents. During this process, a contractor's construction cost estimator prepares a detailed estimate which will be needed for the summation of a bid. The creation of an estimate requires the inclusion of the cost of labor, overhead, profit, and equipment.
A sample is a physical portion of the specified product. Some samples are full product samples, such as a brick or section of precast concrete, or a partial sample that indicates color or texture. [2] The product sample is often required when several products are acceptable, to confirm the quality and aesthetic level of the material.
Multiple construction management companies submit a bid to the owner that is the lowest amount they are willing to do the job for. Then the owner usually chooses the company with the lowest bid to complete the job for them. [4] Best-value selection: This selection focuses on both the price and qualifications of the contractors submitting bids ...