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Construction Terminology

  • Change Order​

    • A formal modification to construction scope, budget, or schedule.

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  • RFI (Request for Information)

    • Questions submitted by contractors to clarify drawings or specifications.

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  • Submittal

    • Materials or product information submitted for approval before installation.

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  • Punch List

    • Items requiring correction before final project completion.

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  • Entitlements

    • Approvals needed from government agencies before development.

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  • Building Permit

    • Authorization to begin construction.

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  • Value Engineering

    • Reviewing design choices to reduce costs while maintaining function.

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  • Contingency

    • Reserved funds for unexpected costs.

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  • GMP (Guaranteed Maximum Price)

    • Maximum cost established with contractors.

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  • Groundbreaking

    • Ceremonial start of construction.

PROJECT DEVELOPMENT STAGES

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Predevelopment

All projects start with the predevelopment phase where planning and feasibility of projects are explored. Project and financial documents are gathered and disributed to relevant parties to prepare for the next phases of development, these are referred to "Due Diligence".

Acquistion

During this phase, the project developers chooses and acquires the different stakeholders and parties with the interest to said property.

Construction

The construction phase is started when all due diligence are completed. The duration of this phase is governed by the conditions and terms of the layered financing of the project.

Permanent

Often referred to as perm conversion when construction is complete, this phase looks at the oversight of the project including management and operations.

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