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Owners of commercial office buildings of 2000 m² or more are required to disclose their building's energy efficiency performance under the CBD scheme in the form of a BEEC before being allowed to advertise for a lease or purchase to potential interested parties. The certificate has three components: (a) NABERS rating: an energy rating given to the premises based on its operational outputs; (b) tenancy lighting assessment: an assessor examines the lighting of each tenant in the building and assigns a rating based on total energy efficiency; (c) general energy efficiency guide: this requires no assessment, but acts as a comparative guide for the entire premises to manage their energy usage. Once obtained, the certificate is valid for 12 months and must be made publicly accessible on the Building Energy Efficient Register.

A list setting out each item of material or work required for construction and the type, cost per unit, estimated quantity and estimated total price of each item. The bill of quantities is usually prepared by a Quantity Surveyor.

A form of security provided by a Financier in favour of a Principal which operates as security for performance of the Contractor's contractual obligations, as a substitute for Retention. (See also Performance Bond)

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 term which refers to Arbitration, litigation or other forms of dispute resolution arising out of a dispute in relation to the parties' construction Contract. (Contrast with Front End)

The effective interest rate based on the cost of buying Bills of Exchange and other negotiable instruments in which there is an actively traded market. The BBR is a commonly used indicator of short term interest rates (90 days to 1 year).

A form of security provided by a Financier to a Contractor in favour of a Principal which is designed to secure the Contractor's performance of its contractual obligations to the Principal. (See also Performance Bond)