risk specified in the contract (3.1.2) for which the client (3.7.2) accepts liability
Tag: Procurement
Approximate Estimate
estimate (3.6.9) based on preliminary information, and therefore imprecise
Bond
sum of money or securities submitted to the client (3.7.2) or placed in the hands of a third party to guarantee completion (3.5.23) and recovery of the sums which the contractor (3.7.6) is recognized as owing under the terms of the contract (3.1.2)
Client
person or organization initiating and financing a project (3.1.3) and approving the brief (3.2.18)
Client Acceptance of Contract Completion
act by the client (3.7.2) in issuing the final certificate (3.5.38)
Completion / Practical Completion
state of readiness for occupation of the whole construction works, some minor construction work may still be outstanding. In some contracts (3.1.2) the terms practical completion and substantial completion are used.
Completion Date
date when completion (3.5.23) takes place
Completion of Defects Certificate
document issued after the end of the defects liability period that confirms or attests the making good of defects
Estimate
statement indicating the probable cost (3.6.1) to the client (3.7.2) of a construction works or part thereof
Final Account
document that states the cost (3.6.1) of the total work carried out and the total payment to be made, as accepted by the parties