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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)
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.
An abbreviation for Program Evaluating and Review Technique. (see Activity; Critical Path Method)
An individual or firm with a recognized degree, certificate, or professional standing; or who by extensive knowledge, training and experience, has successfully demonstrated his/her abilities to identify and solve or resolve problems associated with a specific subject matter or project type.
1. An abbreviation for Request for Information. 2. A written request from a contractor to the owner or architect for clarification or information about the contract documents following contract award.
Release of Lien
A written action properly executed by and individual or firm supplying labor, materials or professional services on a project which releases his mechanic's lien against the project property. (see Mechanic's Lien)
Replacement Cost Estimate
A cost of constructing a building or structure that would have similar utility, but constructed with modern materials, current building standards, design and layout less depreciation. A land value and cost of on-site improvements can be added if desired.