A Building Loan Agreement is a contract where the lender advances funds to the property owner at specific construction milestones, ensuring continuous cash flow during various construction stages such as foundation completion and framing.
A general contractor is an individual or firm responsible for overseeing the construction and management of a building or other improvement projects for an owner or developer, often utilizing subcontractors.
A prime contractor, often referred to as the general contractor, is the main contractor responsible for overseeing the overall construction project, managing subcontractors, and ensuring completion in compliance with contract specifics and legal requirements.
A punch list is an enumeration of items that need to be corrected, including repairs, adjustments, or other modifications, which are often identified prior to or after the sale of a machine or building.
Retainage refers to a portion of a contractor's payment that is withheld by the client until the project's completion or another specified date to ensure work quality and project satisfaction.
A subcontractor is an individual or business that is hired by a general contractor to perform a specific task as part of a larger project. The general contractor remains responsible for the overall completion and quality of the project.
