Click on the letters below or use the search option to find a specific termAll
(see Construction Costs and Direct Costs)
1. A term sometimes used to describe TI'S or Tenant Improvements. 2. Improvements can be in the form of new construction or remodel work. (see TI'S)
One free from the influence, guidance, or control of another or others and does not owe a "fiduciary duty". Example: architect, engineer, prime or main contractor, construction manager at-risk.
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)
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)
An individual or corporation that owns a real property.
A written form of contract between architect and client for professional architectural services.