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BUILDING INDUSTRY PARTICIPANTS
BUILDING INDUSTRY , the economic sector comprising all companies involved in
construction. It is the industry of CONSTRUCTING, RCONSTRUCTING, RNO!"TING, "#TRING,
$%O#IS&ING, R#OC"TING, %"INT"INING or R'"IRING construction pro(ects.
'RO)CT, used for the total activity from inception to commissioning and occupation,
involving an agreed and planned o*(ective and total input of specialist participants and their
interrelationships. It is an activity underta+en in response to a demand.
CONSTRUCTION 'RO)CT, the production of capital goods and involves careful planning
and decision ma+ing.
BUILDING INDUSTRY PARTICIPANTS, group of participants that manages and ta+es on
seuence of distinct *ut unrelated activities of the construction process from *eginning to the
end.
PROPERTY OWNER, the individual in possession of title for land, *uilding, or other item.
The o-ner may *e responsi*le for paying taes in relation to the property.
The client is the +ey to the -hole construction production process from inception to
completion and at times to post / occupancy maintenance.
CONSTRUCTION IN$USTR0 C#INTS, Identi1es user potential or create the need for the
facilities and raise the necessary 1nancial resources for their creation. Initiate the construction
process *y commissioning various construction professional to *uild to speci1c reuirement.
They directly or indirectly monitors 2 'ROGRSS, TI%, COST, 3U"#IT0 O4)CTI!S5 and
sanctions any variations to the design.
'U4#IC SCTOR C#INTS2 Central Government $epartment, #ocal "uthorities, &ealth
"uthorities, 'u*lic Corporations.
'RI!"T SCTOR C#INTS2 %ulti/ National Companies, National Companies, #ocal 'roperty$evelopment Companies, 'rivate Clients.
BUILDING USER, the end user of the intended pro(ect. The person -ho -ill actually -or+
-ith the good or service from individuals -ho are involved in the other stages of development,
production and distri*ution.
http://www.businessdictionary.com/definition/individual.htmlhttp://www.businessdictionary.com/definition/individual.htmlhttp://www.businessdictionary.com/definition/individual.htmlhttp://www.businessdictionary.com/definition/possession.htmlhttp://www.businessdictionary.com/definition/possession.htmlhttp://www.businessdictionary.com/definition/title.htmlhttp://www.businessdictionary.com/definition/land.htmlhttp://www.businessdictionary.com/definition/land.htmlhttp://www.businessdictionary.com/definition/building.htmlhttp://www.businessdictionary.com/definition/owner.htmlhttp://www.businessdictionary.com/definition/owner.htmlhttp://www.businessdictionary.com/definition/owner.htmlhttp://www.businessdictionary.com/definition/payer.htmlhttp://www.businessdictionary.com/definition/payer.htmlhttp://www.businessdictionary.com/definition/property.htmlhttp://www.businessdictionary.com/definition/property.htmlhttp://www.businessdictionary.com/definition/possession.htmlhttp://www.businessdictionary.com/definition/title.htmlhttp://www.businessdictionary.com/definition/land.htmlhttp://www.businessdictionary.com/definition/building.htmlhttp://www.businessdictionary.com/definition/owner.htmlhttp://www.businessdictionary.com/definition/payer.htmlhttp://www.businessdictionary.com/definition/property.htmlhttp://www.businessdictionary.com/definition/individual.html
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ARCHITECT , professionally uali1ed person -hose role is to interpret the clients pro(ect
reuirements into a speci1c design or scheme. Responsi*le for design integration and plays
the leading role in the construction process. Coordinates, controls and disseminates pro(ect
information to all pro(ect participants.
"s a pro(ect team leader, the architect performs various functions in all stages of
construction process, -hich includes2
/"scertaining, interpreting and formulating the client6s reuirement into an understanda*le
pro(ect *rief.
/$esigning a *uilding to meet the client6s reuirement and constraints imposed *y such
factors as statutory o*ligations, technical feasi*ility, environmental standards, site conditions
and cost.
/4ringing together a team of construction professionals such as the uantity surveyor,
structural engineer and service engineer to give epert guidance on speci1c points of the
client6s construction pro(ect.
/"ssessing client6s cost limit and timescale, and specifying the type and grade of
materials7components for use on the construction pro(ect.
/'reparing production information for pricing and construction and inviting tenders from
*uilding contractors.
/Supervising the construction on sire, constantly +eeping client informed of the pro(ect6s
progress and issuing production instructions as and -hen reuired.
/8eeping the client informed of the status of the pro(ect6s cost and advising ion -hen payment
should *e made or -ithheld.
/"dvising on the conduct of the pro(ect generally and resolving all contractual disputes
*et-een client and the *uilding contractor.
/Issuing the certi1cate of completion, the certi1cate of ma+ing good defects and the 1nal
certi1cate for payment.
GENERALLY 2 The architect acts as an agent for all purposes relating to designing, o*taining
tenders for and superintending the construction -or+ for -hich he or she has *een
commissioned. To *e a*le to perform a*ove function e9ciently, the architect must process,
among other things, the attri*utes of foresight, an understanding of construction materials,
communicating and coordinating a*ilities, essential design s+ills and an a*ility to design -ithin
a set *udget.
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ENGINEER, a professional practitioner of engineering, concerned -ith applying scienti1c
+no-ledge, mathematics, and ingenuity to develop solutions for technical, societal and
commercial pro*lems. ngineers design materials, structures, and systems -hile considering
the limitations imposed *y practicality, regulation, safety, and cost.
STRUCTUR"# NGINR, acts as an advisor to the architect on all structural pro*lems
such as sta*ility of the structure, suita*ility of materials proposed, structural feasi*ility of the
proposed design and si:es of structural mem*ers for a construction pro(ect.
SR!IC NGINRS, ;plum*ing, electrical, heating and ventilating, air conditioning,
sanitation, lifts and escalators and so on< contri*ute to the *uilding design process to ensure
that thermal and visual comfort are achieved e=ectively. They analy:e the client6s reuirement
and priorities and advise the architect on the most appropriate design solution.
The duties and responsi*ilities of the structural and services engineer include the
follo-ing2
/'roviding specialist advice and assisting in the design of the construction pro(ect -ithin the
scope of their respective specialist 1eld.
/'roducing calculations or other relevant data to assist in the design, cost planning, and the
assessment of suita*ility of materials7components and the li+e.
/Supervising their respective specialist 1elds of the pro(ect and modifying or redesigning -or+
-henever reuired.
3U"NTIT0 SUR!0OR, is responsi*le for the study of the economies and 1nancial
implications of a construction pro(ect and, hence, he or she -ould *e the appropriate
construction professional to advise client7architect on matters relating to the economies and
cost of a proposed construction pro(ect.
CONSTRUCTION MANAGER, >hether they are descri*ed as site manager, site agent,
contracts manager, *uilding manager or simply construction manager, these professionals are
responsi*le for running and managing a construction site ? or a large part of it.
" construction manager@s role typically involves2
/ 'reparing the site and liaising -ith other construction professionals such as architects,
engineers, *uyers, estimators and surveyors *efore construction -or+ starts.
/ $eveloping the programme of -or+ and strategy for ma+ing the pro(ect happen.
/ 'lanning ahead to prevent pro*lems on site *efore they occur, for eample, planning the
delivery and storage of euipment and materials.
/ %a+ing safety inspections of the site -hen -or+ is under-ay and ensuring regulations relating
to health, safety and the environment are adhered to.
http://en.wikipedia.org/wiki/Professionhttp://en.wikipedia.org/wiki/Engineeringhttp://en.wikipedia.org/wiki/Scientific_knowledgehttp://en.wikipedia.org/wiki/Scientific_knowledgehttp://en.wikipedia.org/wiki/Mathematicshttp://en.wikipedia.org/wiki/Ingenuityhttp://en.wikipedia.org/wiki/Professionhttp://en.wikipedia.org/wiki/Engineeringhttp://en.wikipedia.org/wiki/Scientific_knowledgehttp://en.wikipedia.org/wiki/Scientific_knowledgehttp://en.wikipedia.org/wiki/Mathematicshttp://en.wikipedia.org/wiki/Ingenuity
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/ Overseeing the running of several pro(ects.
/ Using construction management soft-are pac+ages to plan smooth -or+ Ao-s.
/ Communicating -ith a range of people including the client, su*contractors, suppliers, the
pu*lic and the -or+force.
The Construction %anager as eecutive is the most di9cult and -ith the highest degree
of responsi*ility. " Construction 'ro(ect %anager sets up the estimates, the *udgets and the
construction timeta*le for the client and develops the construction strategy. &e selects the
su*contractors and -or+ers, and provides reuired eplanations for the *uilders and other
professionals associated -ith the pro(ect, coordinating and colla*orating -ith the architects,
engineers and specialists. The construction manager also ensures the construction pro(ect
complies -ith all *uilding codes and any other legal or regulatory reuirements. >hen delays
or pro*lems occur ? as they al-ays do ? the construction manager is the pro(ect6s 1rst
responder, ready to ma+e the changes reuired to move the pro(ect past the issue.
GENERAL CONTRACTOR, is responsi*le for the day/to/day oversight of a construction
site, management of vendors and trades, and communication of information to involved
parties throughout the course of a *uilding pro(ect. " *uilding contractor is an individual -ho
engages in the planning, developing and coordinating of activities -hich coincide -ith the
*uilding of structures. The *uilding contractor is the individual -ho oversees
the constructions and ensures that all necessary measures are ta+en to result in the
completed 1nished product.
The production aspects of construction pro(ects are underta+en *y *uilding contractors
-ho are essentially commercial companies that contract to construct development pro(ects.
"lthough many ma(or contracting esta*lishments are a*le to underta+e *oth design and
production -or+, their primary function is to *uild and to organi:e their considera*le resources
*asically as a manufacturing organi:ation.
$uties and responsi*ilities of the contractor commence upon invitation to tender and
include the follo-ing2
/Carrying out a full site investigation prior to su*mission of tender to ensure that the *id
includes all the cost of contractual ris+s and pro*lems.
/Su*mitting priced *ills of uantities for eamination and7or correction of any errors -hen
reuired *y the architect.
/'lanning and programming the -or+s and reprogramming thereafter -henever unforeseen
events frustrate the program.
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/Controlling directly employed operatives, su*/contractors, suppliers, materials and plant for
the eecution of the pro(ect to programme and cost.
/Coordinating e=orts of all operatives and ensuring that the completed -or+s comply -ith the
contract speci1cation and are also to the satisfaction of the architect.
/Notifying the architect of information reuirements, delays to the construction programme,
discrepancy *et-een contract documents, direct loss and7or epense sustained and so on.
/'aying the -ages of directly employed operatives, su*/contractors and suppliers in time to
avoid conAicts over payment.
/Supplying all the information reuired *y the client6s professional advisers for the proper
administration of the -or+s.
/Ta+ing steps to carry out the contractor6s o*ligations to rectify all defects on completion of the
-or+s.
/'roviding post/occupancy repair and maintenance service if so reuired *y the client.
TRADE CONTRACTOR OR SUBCONTRACTOR, is a person -ho is hired *y a general
contractor ;or prime contractor, or main contractor< to perform a speci1c tas+ as part of the
overall pro(ect and is normally paid for services provided to the pro(ect *y the originating
general contractor. >hile the most common concept of a su*contractor is in *uilding -or+s
and civil engineering, the range of opportunities for su*contractor is much -ider and it is
possi*le that the greatest num*er no- operate in the information technology and information
sectors of *usiness.
The separate appointment of trade contractors should reduce the cost of contracts, as the
management element is *eing provided *y the construction manager. It also allo-s the
advancement of some -or+s ;such as ground-or+s or piling< -hich might *egin even
*efore design of the a*ove/ground -or+s is complete.
Characteristics of trade contracts include2
/ Trade contractors may *e appointed through a single/stage procurement process, or through
a t-o/stage process -ith a pre/construction services agreement for the 1rst stage.
/ ach trade contract must have its o-n separate practical completion certi1cation and so
they may have di=erent defects lia*ility periods. Certi1cation cannot *e dependent on
completion of -or+s outside of the scope of the contract. "s trade contracts may *e
completed at di=erent times, the construction manager must ensure that measures are in
place to protect completed -or+ from ongoing activities.
/ Trade contracts ;such as the )oint Contracts Tri*unal ; )CT< C%7TC BDD< do not include
provisions for liuidated damages, instead the trade contractor indemni1es
the client@sdirect loss and7or epense for lateness.
http://en.wikipedia.org/wiki/General_contractorhttp://en.wikipedia.org/wiki/General_contractorhttp://en.wikipedia.org/wiki/Constructionhttp://en.wikipedia.org/wiki/Civil_engineerhttp://en.wikipedia.org/wiki/Information_technologyhttp://www.designingbuildings.co.uk/wiki/Appointmenthttp://www.designingbuildings.co.uk/wiki/Trade_contractorshttp://www.designingbuildings.co.uk/wiki/Costhttp://www.designingbuildings.co.uk/wiki/Contracthttp://www.designingbuildings.co.uk/wiki/Contracthttp://www.designingbuildings.co.uk/wiki/Construction_managerhttp://www.designingbuildings.co.uk/wiki/Designhttp://www.designingbuildings.co.uk/wiki/Trade_contracthttp://www.designingbuildings.co.uk/wiki/Trade_contractorshttp://www.designingbuildings.co.uk/wiki/Trade_contractorshttp://www.designingbuildings.co.uk/wiki/Appointhttp://www.designingbuildings.co.uk/wiki/Procurementhttp://www.designingbuildings.co.uk/wiki/Pre-Construction_Services_Agreementhttp://www.designingbuildings.co.uk/wiki/Trade_contracthttp://www.designingbuildings.co.uk/wiki/Trade_contracthttp://www.designingbuildings.co.uk/wiki/Practical_completionhttp://www.designingbuildings.co.uk/wiki/Defects_liability_periodhttp://www.designingbuildings.co.uk/wiki/Defects_liability_periodhttp://www.designingbuildings.co.uk/wiki/Contracthttp://www.designingbuildings.co.uk/wiki/Trade_contracthttp://www.designingbuildings.co.uk/wiki/Trade_contracthttp://www.designingbuildings.co.uk/wiki/Construction_managerhttp://www.designingbuildings.co.uk/wiki/Trade_contracthttp://www.designingbuildings.co.uk/wiki/Joint_Contracts_Tribunalhttp://www.designingbuildings.co.uk/wiki/JCThttp://www.designingbuildings.co.uk/wiki/Liquidated_damageshttp://www.designingbuildings.co.uk/wiki/Client'shttp://www.designingbuildings.co.uk/wiki/Client'shttp://www.designingbuildings.co.uk/wiki/Loss_and/or_expensehttp://www.designingbuildings.co.uk/wiki/Loss_and/or_expensehttp://en.wikipedia.org/wiki/General_contractorhttp://en.wikipedia.org/wiki/General_contractorhttp://en.wikipedia.org/wiki/Constructionhttp://en.wikipedia.org/wiki/Civil_engineerhttp://en.wikipedia.org/wiki/Information_technologyhttp://www.designingbuildings.co.uk/wiki/Appointmenthttp://www.designingbuildings.co.uk/wiki/Trade_contractorshttp://www.designingbuildings.co.uk/wiki/Costhttp://www.designingbuildings.co.uk/wiki/Contracthttp://www.designingbuildings.co.uk/wiki/Construction_managerhttp://www.designingbuildings.co.uk/wiki/Designhttp://www.designingbuildings.co.uk/wiki/Trade_contracthttp://www.designingbuildings.co.uk/wiki/Trade_contractorshttp://www.designingbuildings.co.uk/wiki/Appointhttp://www.designingbuildings.co.uk/wiki/Procurementhttp://www.designingbuildings.co.uk/wiki/Pre-Construction_Services_Agreementhttp://www.designingbuildings.co.uk/wiki/Trade_contracthttp://www.designingbuildings.co.uk/wiki/Practical_completionhttp://www.designingbuildings.co.uk/wiki/Defects_liability_periodhttp://www.designingbuildings.co.uk/wiki/Contracthttp://www.designingbuildings.co.uk/wiki/Trade_contracthttp://www.designingbuildings.co.uk/wiki/Construction_managerhttp://www.designingbuildings.co.uk/wiki/Trade_contracthttp://www.designingbuildings.co.uk/wiki/Joint_Contracts_Tribunalhttp://www.designingbuildings.co.uk/wiki/JCThttp://www.designingbuildings.co.uk/wiki/Liquidated_damageshttp://www.designingbuildings.co.uk/wiki/Client'shttp://www.designingbuildings.co.uk/wiki/Loss_and/or_expense
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/ Trade contracts may allo- for retention, or may include a reuirement for a retention *ond.
/ Trade contracts should include reuirements to adopt colla*orative practices.
/ "s there is no main contractor, trade contractors should provide master programmes for their
-or+s.
/ Trade contractor@s should *e reuire to provide regular information in relation to +ey
performance indicators.
/ >here they carry out design, trade contractors may *e reuired to provide as/*uiltdra-ings.
NOTS2
/On management contracts, contractors are +no-n as 'works contractors@.
/Eor a detailed description of the seuence of tas+s necessary on a construction
management contract, see the -or+ plan2 construction management2 outline -or+ plan.
MANUFACTURER, produces products through a process involving ra- materials,
components or assem*lies, usually on a large scale -ith di=erent operations divided among
di=erent -or+ers. Other term “Producer”
ORGANIZED LABOR, "n association of -or+ers united as a single, representative entity
for the purpose of improving the -or+ers@ economic status and -or+ing conditions through
collective *argaining -ith employers. "lso +no-n as FunionsF. There are t-o types2 the
hori:ontal union, in -hich all mem*ers share a common s+ill, and the vertical union,
composed of -or+ers from across the same industry.
GOVERNMENT ADMINISTRATORS, %anages paper-or+s of the constituents of the local
Government. They are the ones that processes the approval of permits to la-s.
CONTRACTORS LICENSE BOARD, The Contractors #icense #a- 2 R." HJJprovides
that no contractor shall engage in the *usiness of contracting -ithout 1rst having secured a
'C"4;'hilippine Contractors "ccreditation 4oard< license to conduct *usiness -ithout a license
1rst *eing o*tainedK.
The la- -as enacted in DLJ to ensure for the safety of the pu*lic and that only the
uali1ed and relia*le contractors are allo-ed to underta+e construction in the country.
CONSTRUCTION CLAIMS / LITIGATION,
CONSTRUCTION C#"I%S, it is a demand or assertion *y one of the parties see+ing as a
matter of right, payment of money, other relief -ith respect in terms of the contract. It can *e
caused *y a num*er of factors. Understanding -hat causes
construction claims is the 1rst step in avoiding them. In general, construction claims occur
*ecause of the follo-ing2
http://www.designingbuildings.co.uk/wiki/Trade_contracthttp://www.designingbuildings.co.uk/wiki/Retentionhttp://www.designingbuildings.co.uk/wiki/Retentionhttp://www.designingbuildings.co.uk/wiki/Retentionhttp://www.designingbuildings.co.uk/wiki/Bondhttp://www.designingbuildings.co.uk/wiki/Bondhttp://www.designingbuildings.co.uk/wiki/Bondhttp://www.designingbuildings.co.uk/wiki/Trade_contracthttp://www.designingbuildings.co.uk/wiki/Collaborative_practiceshttp://www.designingbuildings.co.uk/wiki/Collaborative_practiceshttp://www.designingbuildings.co.uk/wiki/Main_contractorhttp://www.designingbuildings.co.uk/wiki/Main_contractorhttp://www.designingbuildings.co.uk/wiki/Trade_contractorshttp://www.designingbuildings.co.uk/wiki/Master_programmehttp://www.designingbuildings.co.uk/wiki/Master_programmehttp://www.designingbuildings.co.uk/wiki/Master_programmehttp://www.designingbuildings.co.uk/wiki/Key_performance_indicatorshttp://www.designingbuildings.co.uk/wiki/Key_performance_indicatorshttp://www.designingbuildings.co.uk/wiki/Designhttp://www.designingbuildings.co.uk/wiki/Designhttp://www.designingbuildings.co.uk/wiki/Designhttp://www.designingbuildings.co.uk/wiki/Trade_contractorshttp://www.designingbuildings.co.uk/wiki/Trade_contractorshttp://www.designingbuildings.co.uk/wiki/Drawingshttp://www.designingbuildings.co.uk/wiki/Management_contracthttp://www.designingbuildings.co.uk/wiki/Contractorshttp://www.designingbuildings.co.uk/wiki/Contractorshttp://www.designingbuildings.co.uk/wiki/Works_contractorshttp://www.designingbuildings.co.uk/wiki/Works_contractorshttp://www.designingbuildings.co.uk/wiki/Construction_managementhttp://www.designingbuildings.co.uk/wiki/Construction_managementhttp://www.designingbuildings.co.uk/wiki/Construction_managementhttp://www.designingbuildings.co.uk/wiki/Contracthttp://www.designingbuildings.co.uk/wiki/Construction_management:_outline_work_planhttp://www.designingbuildings.co.uk/wiki/Construction_management:_outline_work_planhttp://www.designingbuildings.co.uk/wiki/Construction_management:_outline_work_planhttp://www.designingbuildings.co.uk/wiki/Trade_contracthttp://www.designingbuildings.co.uk/wiki/Retentionhttp://www.designingbuildings.co.uk/wiki/Retentionhttp://www.designingbuildings.co.uk/wiki/Bondhttp://www.designingbuildings.co.uk/wiki/Trade_contracthttp://www.designingbuildings.co.uk/wiki/Collaborative_practiceshttp://www.designingbuildings.co.uk/wiki/Main_contractorhttp://www.designingbuildings.co.uk/wiki/Trade_contractorshttp://www.designingbuildings.co.uk/wiki/Master_programmehttp://www.designingbuildings.co.uk/wiki/Key_performance_indicatorshttp://www.designingbuildings.co.uk/wiki/Key_performance_indicatorshttp://www.designingbuildings.co.uk/wiki/Designhttp://www.designingbuildings.co.uk/wiki/Trade_contractorshttp://www.designingbuildings.co.uk/wiki/Drawingshttp://www.designingbuildings.co.uk/wiki/Management_contracthttp://www.designingbuildings.co.uk/wiki/Contractorshttp://www.designingbuildings.co.uk/wiki/Works_contractorshttp://www.designingbuildings.co.uk/wiki/Construction_managementhttp://www.designingbuildings.co.uk/wiki/Construction_managementhttp://www.designingbuildings.co.uk/wiki/Contracthttp://www.designingbuildings.co.uk/wiki/Construction_management:_outline_work_plan
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/ $elays in construction and completion of the contract5
/ $elays in the delivery and supply of materials5
/ >eather -hich slo-s do-n or prevents construction from proceeding5
/ O-ner reuested changes5
/ Changes -hich occur not at the reuest of the o-ner5
/ 'oor management and administration of the construction site5
/ Site conditions -hich di=er from those epected5
/The -or+ *ecomes impossi*le to perform5
/ Insu9cient plans and speci1cations5
/ Eailure of any one party to disclose information -hich is material to the construction5
/ ConAicts *et-een those involved in the construction of a pro(ect5
/ Termination of the contract *y the o-ner or the contractor5
/ "cceleration of the -or+5
/ Eailure to adeuately schedule and coordinate the -or+5 and
/ Eailure of parties to cooperate -ith each other in the performance of the -or+.
CONSTRUCTION #ITIG"TION, is an area of la- concerning legal disputes that arises out of
*uilding pro(ects. $isputes can arise under *oth construction agreements and claims of in(ury
and -rongful death caused *y negligent *ehaviour.
Construction #itigation refers to civil la-suits involving private parties and is governed *y
rules and *urdens of proof that are distinct from those applica*le to criminal prosecution. It
sometimes involve simple matters, such as non/payment, -or+ conditions or pro(ect
deadlines, and often involve (ust t-o the general contractor and the su*contractor.
Construction #itigation involving negligence often centers on defects discovered *y
homeo-ners or commercial property o-ners during or after construction process. Such
discoveries -ill sometimes lead to la-suits against *uilders and construction companies *ased
on claims of defective materials, improper soil analysis and negligent structural engineering.
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INSURANCE / BONDING COMPANIES, Construction insurances are reuired on every
single construction pro(ect. It can provide coverage for material, ris+s, natural disasters,
employees and even your o-n *usiness.
4ON$ING CO%'"N0, " 1rm such as a *an+ or insurance company that provides *id,
1delity, performance and other types of *onds on *ehalf of a 1rst party to a second party.
Common Insurances used in a CONSTRUCTION IN$USTR02
Liability Insurance, protects the contractors, home *uilders and remodelers against
in(uries, accidents or property damage su=er on the (o*. >hile -or+ing on construction
pro(ects, -or+ers can accidentally damage a property mishandling materials and tools, or
-hile remodeling process is under-ay.
Builders Risk Insurance, or Course of Construction -hich is a +ind of property insurance.
Its a form of insurance, -hich covers a *uilding -here the *uilding is presently *eing
constructed. It can cover (ust the structure or also the materials on site -aiting to *e installedor transported on the (o* site.
Performance bond, it guarantees the satisfactory completion of a pro(ect. This -ill reuire
having a collateral property or investment to *ac+ up the reuirements of the surety agency. "
performance *ond is usually issued *y a *an+ or an insurance company, *oth of -hich is
suretyK.
Hold harmless areement, is a contract clause typically found in construction contracts. It
is commonly provided *y the su*contractor or the contractor, *uilder, or others related
professionals insuring against all -or+ *eing eecuted *y the su*contractor.
!lood insurance, are typically covered *y the National Elood Insurance 'rogram. " Aood can *e
considered a general or temporary condition occurring on t-o or more acres of land, a=ecting
t-o or more properties.
BANKING / FINANCING AGENCY , " *an+ that acts in some capacity on *ehalf of
another *an+. It can mean any of the three types of *an+2
/ 4an+ in loan syndicate in a loan syndicate that advises other participating *an+s of
advances ta+en and changes in interest rates for a foreign or domestic *orro-er.
/" *an+ that participates in the credit card program of another *an+ *y issuing credit card
program of another *an+ *y issuing credit cards and performing other duties
/" foreign *an+ doing *usiness in the U.S. On *ehalf of its parent *an+, performing such
tas+s as issuing international letters of credit, *ut not accepting deposits.
"lso +no-n as “"ency Bank”
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PRIVATE ORGANIZATION, refers to any person, partnership, corporation, association or
agency -hich is not a pu*lic *ody that is operated for pro1t. It can *e a self/sustaining, non/
federal entity, constituted or esta*lished and operating on local property, *y individuals acting
outside any o9cial capacity in the #ocal Government .
In ful1llment of the constitutional principles directing the state to encourage, promote
and respect nongovernmental, communityM*ased and people@s organi:ations in serving their
legitimate collective interests in our participatory democracy, it is here*y declared the policy
of the state to uphold the rights of the people to form unions, associations, or societies, and to
recogni:e and promote the rights and the roles of homeo-ners as individuals and as mem*ers
of the society and of homeo-ners@ associations. To this end, the state shall endeavor to ma+e
availa*le resources and assistance that -ill help them ful1ll their roles in serving the needs
and interests of their communities, in complementing the e=orts of local government units
;lgus< in providing vital and *asic services to our citi:ens, and in helping implement local and
national government policies, programs, rules and ordinances for the development of the
nation.K