B

An incentive system which provides for an additional payment on top of the Contract Sum to be paid to the Contractor when the work is completed prior to the Date for Practical Completion.

This is essentially an extension to a BOT contract which includes additional terms under which the Contractor will operate the completed project for a defined duration.

A building contract in which the Contractor undertakes the design and construction of the project, which is then sold or handed back in a completed and operating state to the proprietor, and may include terms under which the Contractor will operate the completed project. Under a BOT contract the Contractor bears the total responsibility for the work. Also known as a BOOT contract.

Where a party to a Contract fails to act (by a positive act or by omission) in accordance with its contractual obligations.

A site that has been previously developed and the redevelopment or reuse of which may involve environmental issues such as contamination. (Contrast with Greenfield Site)

The degree of ease with which a design can be constructed so that a project can be completed efficiently in terms of time, cost and quality.

The Contractor who carries out the construction work under a Contract.

A licence issued under the builders licensing or registration requirements of a State or Territory.

An agreement generally entered into by the Contractor, the Principal and the Financier. It can restrict the rights of the Contractor in relation to a number of aspects of the Contract including Variations, Extensions of Time and notice requirements. It also manages default and termination of the Contract by establishing Privity of Contract between the Contractor and the Financier and enables the Financier to ensure that the Contractor cannot terminate the building contract and walk away from the project without dealing with the Financier.

The term is now redundant and is known as a Construction Certificate application.