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This is in contrast to traditional prescribed building codes, which mandate specific construction practises, such as stud size and distance between studs in wooden frame construction. [1] Such an approach provides the freedom to develop tools and methods to evaluate the entire life cycle of the building process, from the business dealings, to ...
The NEC contracts now form a suite of contracts, with NEC being the brand name for the "family" of contracts. [16] When it was first launched in 1993, it was simply the "New Engineering Contract". This specific contract has been renamed the "Engineering and Construction Contract" which is the main contract used for any construction based project.
A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. The two parties involved are one or more property owners and one or more contractors .
There are several different building performance standards widely used for designing building codes and energy-efficiency certifications. For instance, the standards produced by ASHRAE (American Society of Heating, Refrigeration, and Air Conditioning Engineers) and the IECC (International Energy Conservation Code) have been widely used to inform local building codes and energy-efficiency ...
A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...
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.