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Performance bond. A performance bond, also known as a contract bond, is a surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. The term is also used to denote a collateral deposit of good faith money, intended to secure a futures contract, commonly known as margin .
In construction, commissioning or commissioning process (often abbreviated Cx) [1] [2] [3] is an integrated, systematic process to ensure, that all building systems perform interactively according to the "Design Intent", through documented verification. The commissioning process establishes and documents the "Owner's Project Requirements (OPR ...
Data requirements can also be identified in the contract via special contract clauses (e.g., DFARS), which define special data provisions such as rights in data, warranty, etc. SOW guidance of MIL-HDBK-245D describes the desired relationship: "Work requirements should be specified in the SOW, and all data requirements for delivery, format, and ...
Mechanic's lien. A mechanic's lien is a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property. The lien exists for both real property and personal property. In the realm of real property, it is called by various names, including, generically, construction lien.
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Wear and tear is a form of depreciation, which is assumed to occur even when an item is used competently and with care and proper maintenance. [ 2] For example, repeated impacts may cause stress to a hammer 's head. This stress is impossible to prevent in the normal use of the tool for its designed task, and any attempt to avert it impedes its ...