Construction Management Glossary

A document issued during the bidding phase that modifies or clarifies the original bid documents.

Revised drawings produced after construction, showing the actual dimensions, locations, and details of the completed work.

A surety bond guaranteeing that the bidder will enter into the contract at the bid price if awarded the project.

A digital 3D model-based process for creating and managing information about a building throughout its life cycle.

A written agreement to modify the contract scope, cost, or schedule after the contract has been executed.

The final phase of a construction project including punch list completion, final inspections, as-built delivery, and release of retainage.

The ease and efficiency with which a project design can be constructed using available resources and methods.

A budgeted reserve set aside to cover unforeseen costs or risks during a construction project.

The longest continuous sequence of dependent activities that determines the shortest possible project duration.

A project delivery method in which a single entity provides both design and construction services under one contract.

The budgeted cost of work actually performed, used to measure project performance against the baseline plan.

The amount of time an activity can be delayed without delaying the overall project completion date.

The standard contract clauses that define the rights, responsibilities, and relationships of the parties involved in a construction project.

The primary contractor responsible for the overall construction of a project, who typically hires and coordinates subcontractors.

A contract provision establishing the maximum amount the owner will pay, with the contractor absorbing costs above that ceiling.

A production management approach applied to construction that focuses on minimizing waste and maximizing value delivery.

A pre-determined monetary amount the contractor must pay the owner for each day of delay beyond the contractual completion date.

A monthly request for payment submitted by the contractor detailing work completed and materials stored during the billing period.

A surety bond guaranteeing that the contractor will complete the project according to the contract terms and specifications.

The planning phase before physical construction begins, including estimating, scheduling, value engineering, and permitting.

A list of deficiencies or incomplete items identified near substantial completion that must be corrected before final payment.

A percentage of each progress payment withheld by the owner as security until the project reaches completion.

The uncontrolled expansion of project scope without corresponding adjustments to time, cost, and resources.

A specialty contractor hired by the general contractor to perform a specific portion of the construction work, such as electrical or plumbing.

The point at which the project is sufficiently complete for the owner to occupy or use the facility for its intended purpose.