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Verification point
Verification point Usually defined as an activity or item for which the contractor is required to comply with requirements and confirm and record ...
hold points
hold points Usually defined as an opportunity to witness an activity or item for which the contractor is required to give notice. The contractor ...
subconsultants
subconsultants A consultant whose work is subject to the direction and coordination of the primary consultant. The subconsultant is in contract with ...
On account
On account Payments made 'on account' are payments that are provisional as a partial advance payment to the final price. In the construction context ...
Separate contractor
Separate contractor A separate contractor is an individual or company who contracts with the owner to perform some aspect of the works under a ...
Read time: 8 minutes Professional indemnity (PI) insurance does not provide (and is not intended to provide) complete protection against professional ...
Read time: 3 minutes It is important that the architect informs the client at each stage of its commission and at any time when the architect becomes ...
Read time: 3 minutes The project budget estimate will be influenced by a wide range of factors, some of which are within the architect's control, and ...
Read time: 3 minutes Terms used in the process of estimating project budgets should not be confused with similar terminology used by government or by ...
Unconditional guarantees and cash retention
Published: 10 January 2013 | Edited: 20 May 2020Most standard-form building contracts allow the security to be in the form of cash retention or a bank guarantee. Under ABIC contracts, there is a ...