UT General Contractor key terms

A scheduling technique that identifies the longest sequence of dependent tasks in a project, showing which activities cannot be delayed without extending the overall completion date.

A project accounting document that breaks the contract price into work items with assigned values, used to review and approve progress payments based on completed work.

The stage when the work is sufficiently complete for the owner to use it for its intended purpose, with only minor items or corrections remaining.

A written list of minor defects, incomplete items, or corrections identified during a final walkthrough that the contractor must fix before final acceptance.

A percentage of each progress payment withheld by the owner until the project reaches substantial or final completion, providing security for unfinished or defective work.

A reserved amount of money or time set aside in a budget or schedule to cover unforeseen costs, risks, or delays during construction.

A forecast of when money will come into and leave the business over a period, helping a contractor plan for payroll, materials, and other expenses.

A method that compares the value of work actually completed against the planned cost and schedule to measure project performance and forecast future results.

A formal written question from the contractor to the design team asking for clarification of drawings, specifications, or other contract documents.

Uncontrolled expansion of project work beyond the original contract scope, often without corresponding adjustments to price, schedule, or formal approval.

A legal claim filed against a property by a contractor, subcontractor, or supplier who has not been paid for labor, materials, or services provided to improve it.

A written document in which a person gives up the right to file a mechanic's lien, often exchanged for a progress or final payment.

A written modification to the contract, signed by authorized parties, that changes the scope, price, or schedule of the work.

A surety bond guaranteeing that the contractor will complete the contract work according to its terms; the surety may step in if the contractor defaults.

A surety bond that protects subcontractors and suppliers by guaranteeing they will be paid for labor and materials furnished on the bonded project.

A contract provision where one party agrees to hold the other harmless from certain claims, losses, or damages, often arising from the indemnifying party's actions.

A written directive from the owner authorizing the contractor to begin work on a specified date, starting the contract time.

A law that sets an absolute deadline for filing lawsuits over construction defects, regardless of when the defect is discovered.

An unintended change to the work caused by the owner's or designer's actions or instructions, which may entitle the contractor to an equitable adjustment.

A contract provision that passes certain rights and obligations from the prime contract down to subcontractors, so they are bound by similar terms.

The process of measuring and listing the materials, labor, and equipment needed for each part of the project from the drawings and specifications.

A set cost per unit of measurement, such as per cubic yard or per square foot, used to price work that is difficult to quantify exactly in advance.

A written change to the bid documents issued before bids are due, such as a correction, clarification, or additional information that becomes part of the contract.

Specific items in a bid package that offer optional prices for substituting materials, methods, or scope, allowing the owner to choose among them.

A deposit, bond, or cashier's check submitted with a bid to guarantee the bidder will enter the contract if selected and will provide required bonds.

The practice of a contractor revealing one bidder's price to others to obtain a lower price after bids have been submitted, generally considered unethical.

A specified amount included in the contract for a particular item whose exact cost is unknown at bid time, later adjusted to the actual cost.

An agreement where the contractor agrees to perform a defined scope of work for a fixed total price, bearing the risk of cost overruns.

An individual who is capable of identifying existing and predictable hazards and has authority to take prompt corrective measures to eliminate them.

A system of guards, nets, harnesses, or other equipment used to prevent workers from falling from heights or to stop a fall safely.

A method such as sloping, shoring, or shielding used to protect workers from cave-ins and other hazards in trenches and excavations.

An OSHA program requiring employers to identify chemical hazards, label containers, provide safety data sheets, and train workers about safe handling.

A space with limited entry and exit that is not designed for continuous occupancy and may contain hazardous atmospheres or other serious safety hazards.

A safety procedure that isolates energy sources and locks or tags them out to prevent accidental startup or release of energy during maintenance or repair.

A short, informal safety meeting held at the job site before work begins to discuss a specific hazard, procedure, or lesson learned.

A number used by workers' compensation insurers to compare a contractor's injury history to industry averages, affecting insurance premiums and prequalification.