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Non-integrated Fitout

In relation to the construction work carried out under an agreement for lease (AFL), a non-integrated fitout involves the Landlord carrying out the work to construct the base building only, while the fitout of the Tenant's premises is carried out separately by a contractor engaged by the Tenant.  (Contrast with Integrated Fitout).

Notifiable Incident

An incident that is required to be notified to safety regulators under OHS/WHS law (See Occupational Health and Safety).

Noted

In the context of insurance, a person whose interest is noted on an insurance policy but (unless the policy provides otherwise) is not entitled to claim under the policy. Contrast with Interested Party and Named Insured.

Non-contestable Works or Services

Utility works or services which are required to be carried out by a particular utility provider.

Named Insured

In the context of an insurance policy, a party to the insurance contract (but not the person who arranged the insurance). Typically, named insureds have the broadest protection and indemnity under the policy. Contrast with Interested Party and Noted.

National Capital Plan

The National Capital Plan is the overarching strategic plan for the Australian Capital Territory - a land use policy plan that reflects the national significance of Canberra and the Territory. It is complimented by a Territory Plan that is prepared and administered by ACTPLA. The National Capital Plan defines areas that have the special characteristics of the National Capital to be 'Designated Areas'. In these areas, approval of works is the responsibility of the National Capital Authority, a statutory body established to oversee and regulate development in the ACT.

Native Title

The rights and interests of Aboriginal or Torres Strait Islanders in relation to land or waters under acknowledged traditional laws and observed traditional customs, where there is a connection or interest in relation to the land or waters. The rights and interests are recognised by the common law of Australia and the Native Title Act 1993 (Cth).

Negligence

A cause of action in Tort that consists of three elements: a Duty of Care; a breach or contravention of that duty; and a measurable loss or material damage flowing from or as a consequence of the breach of the duty.

Negotiation

Discussion and agreement of the terms of a transaction or Contract.

Net Present Value

The sum of anticipated future costs and benefits of a project, discounted to present value, where the discount rate reflects the cost of capital.

Glossary Term

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