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Labor and Material Payment Bond (1) A written form of security from a surety (bonding) company to the owner, on behalf of an acceptable prime or main contractor or subcontractor, guaranteeing payment to the owner in the event the contractor fails to pay for all labor, materials, equipment, or services in accordance with the contract. (see Performance Bond and Surety Bond)

Leasehold Improvements A term used to mean Tenant Improvements. Generally, this term is used when building in retail stores as contrasted with the term Tenant Improvements which are generally associated with office buildings.

The terms are often used interchangeably. (see TI'S)

Lien, Mechanic's or Material The right to take and hold or sell an owner’s property to satisfy unpaid debts to a qualified contractor for labor, materials, equipment or services to improve the property. (see Preliminary Lien Notice)

Lien Release A written document from the contractor to the owner that releases the Lien, Mechanic’s or Material following it’s satisfaction.

Lien Waiver (1) An written document from a contractor, subcontractor, material supplier or other construction professional(s), having lien rights against an owner’s property, relinquishes all or part of those rights. (2) Lien waivers are generally used for processing progress payments to prime or main or subcontractors as follows: Conditional Lien Waiver, Unconditional Lien Waiver, and Final Lien Waiver.

Lump Sum Agreement (See Stipulated Sum Agreement)

Lump Sum Bid A single entry amount to cover all labor, equipment, materials, services, and overhead and profit for completing the construction of a variety of unspecified items of work without the benefit of a cost breakdown.

Lump Sum Contract A written contract between the owner and contractor wherein the owner agrees the pay the contractor a specified sum of money for completing a scope of work consisting of a variety of unspecified items or work.

Meeting Attendance Form A form consisting of three columns (individuals name, individuals title, and company the individual represents). This form is given to all persons attending any meeting. Each person attending the meeting will fill in their respective information. The date of the meeting should be included for reference.

Meeting Notes A written report consisting of a project number, project name, meeting date and time, meeting place, meeting subject, a list of persons attending, and a list of actions taken and/or discussed during the meeting. Generally, this report is distributed to all persons attending the meeting and any other person having an interest in the meeting.

Milestone An activity with a duration of zero (0) and by which progress of the project is measured. A milestone is an informational marker only; it does not affect scheduling.

Open Bid/Estimate A service offered by constructionplace.com where any bidder or estimator is given access to project specific RFP (Request for Proposal) information. This option is for those seeking bids/estimates from any interested professionals or service with out prequalifying them. For security and easy access, the project poster receives an e-mail showing the links to View the RFP Details and View any Bids as they are received. This gives the RFP poster the ability to file and track the respective RFP's using their own e-mail filing system. (see Closed Bid/Estimate)

Owner (1) An individual or corporation that owns a real property.

Owner-Architect Agreement A written form of contract between architect and client for professional architectural services.

Owner-Builder A term used to describe an Owner who takes on the responsibilities of the general contractor to build a specific project.

Owner-Construction Agreement Contract between owner and contractor for a construction project.

Owner-Construction Management Agreement Contract between construction manager and client for professional services.

Performance Bond (1) A written form of security from a surety (bonding) company to the owner, on behalf of an acceptable prime or main contractor or subcontractor, guaranteeing payment to the owner in the event the contractor fails to perform all labor, materials, equipment, or services in accordance with the contract. (2) The surety companies generally reserve the right to have the original prime or main or subcontractor remedy any claims before paying on the bond or hiring other contractors. (see Labor and Material Payment Bond and Surety Bond)

Performance Specifications The written material containing the minimum acceptable standards and actions, as may be necessary to complete a project. Including the minimum acceptable quality standards and aesthetic values expected upon completion of the project.

PERT An abbreviation for Program Evaluating and Review Technique. (see Activity; Critical Path Method)

PERT Schedule A diagram that illustrates, charts and reports a projects estimated start and completion times; and work in progress.

Plan (1) A line drawing (by floor) representing the horizontal geometrical section of the walls of a building. The section (a horizontal plane) is taken at an elevation to include the relative positions of the walls, partitions, windows, doors, chimneys, columns, pilasters, etc. (2) A plan can be thought of as cutting a horizontal section through a building at an eye level elevation.

Plan Checker A term sometimes used to describe a building department official who examines the building permit documents.

Planner A person who forms a scheme or method for doing something; an arrangement of means or steps for the attainment of some object; a scheme, method, design; a mode of action.

Plans A term used to represent all drawings including sections and details; and any supplemental drawings for complete execution of a specific project.

Pre-Construction Planning and Team Building A process used for the purpose of establishing below market dollar budget(s), overall project scheduling and design criteria; also identification and selection of the most feasible planning, design and construction team.

Predecessor An activity that must be completed before another activity can begin.

Preliminary Drawings (1) The drawings that precede the final approved drawings. (2) Usually these drawings are stamped or titled "PRELIMINARY" and the "PRELIMINARY" is removed from the drawings upon being reviewed and approved by the owner. Preliminary Lien Notice A written notice given to the property owner of a specific project by the subcontractors and any person or company furnishing services, equipment or materials to that project. The notice states if bills are not paid in full for the labor, services, equipment, or materials furnished or to be furnished, a mechanic's lien leading to the loss, through court foreclosure proceedings, of all or part of the property being so improved may be placed against the property even through the owner has paid the prime contractor in full. The notice explains how the owner can protect himself against this consequence by (1) requiring the prime contractor to furnish a signed release by the person or firm thus giving the owner notice before making payment to the prime contractor or (2) any other method or device which is appropriate under the circumstances. The state of California mandates that a Preliminary Lien Notice must be given to the property owner not more than 20 days after starting the work on the specific project.

Pre-qualification of prospective bidders A screening process wherein the owner or his/her appointed representative gathers background information from a contractor or construction professional for selection purposes. Qualifying considerations include competence, integrity, dependability, responsiveness, bonding rate, bonding capacity, work on hand, similar project experience, and other specific owner requirements.

Prime Contract A written contract directly between a prime or main contractor or subcontractor for work on a specific project.

Prime Contractor (1) Any contractor having a contract directly with the owner. (2) Usually the main (general) contractor for a specific project.

Principal (1) The leading participant of professional practice.

Professional Engineer One who is professionally engaged in a branch of engineering.

Program An ordered list of events to take place or procedures to be followed for a specific project.

Progress Payment A payment from the owner to the contractor determined by calculating the difference between the completed work and materials stored and a predetermined schedule of values or unit costs. (see Schedule of values; Unit Costs).

Progress Schedule A line diagram showing proposed and actual starting and completion times the respective project activities. (see Activity)

Project A word used to represent the overall scope of work being performed to complete a specific construction job.

Project Cost All costs for a specific project including costs for land, professionals, construction, furnishings, fixtures, equipment, financing and any other project related costs.

Project Directory A written list of all parties connected with a specific project. The list usually includes a classification or description of the party (i.e.., Owner, Architect, Attorney, General Contractor, Civil Engineer, Structural Engineer, etc.); name, address, telephone and FAX numbers opposite their respective classifications or description. It is particularly important that the emergency or after hour telephone numbers are included. These numbers should be kept confidential if requested by the respective parties.

Project Manager A qualified individual or firm authorized by the owner to be responsible for coordinating time, equipment, money, tasks and people for all or specified portions of a specific project. (see Construction Manager)

Project Manual A organized book setting forth the bidding requirements, conditions of the contract and the technical work specifications for a specific project. (see Specifications)

Project Representative A qualified individual authorized by the owner to assist in the administration of a specific construction contract.

Project Site (see Site)

Proposal A written offer from a bidder to the owner, preferably on a prescribed proposal form, to perform the work and to furnish all labor, materials, equipment and/or services for the prices and terms quoted by the bidder. ( see Bid)

Proposal Form (see Bid Form)

Purchase Order A written document from a buyer to a seller to purchase materials, services, equipment or supplies with acceptable purchase terms indicated.

Punch List (see Inspection List)