Contract Documents

Related terms

• Allowance

  A budgeted dollar figure placeholder in the contract for an item not yet selected (e.g., tile, fixtures). If your final selection costs m…

• Contract

  The legally binding agreement between owner and contractor that defines scope, price, schedule, and responsibilities. A remodel should ne…

• Scope of Work

  The detailed written description of exactly what the contractor will and will not do on the project. The single most important document f…

• Contractor Representative

  The person the contractor names as its single point of contact for the owner for the life of the job. At iSpec that is the project manage…

• Contingency Budget

  A reserve (typically 10–15% of project cost) set aside for hidden conditions and surprises uncovered once work begins. The line clients m…

• Cost-Plus vs. Fixed-Price

  Two contract structures: fixed-price (lump sum, contractor bears overrun risk) versus cost-plus (owner pays actual costs plus a fee, owne…

• Concrete

  A mix of cement, aggregate, and water that cures into a hard structural material used for footings, slabs, and foundations. Curing time a…

• Crawl Space

  A shallow accessible void below the floor (instead of a basement or slab) housing structure, plumbing, and ducts. Its condition affects a…