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The common law doctrine of privity of contract provides that only a party to a Contract: - may be subject to the obligations created by that Contract; and - is able to sue on it. Note the third party may be able to bring proceedings based on other principles of law, such as unjust enrichment.

A source of repayment of the original financing that is usually triggered by Practical Completion. It can take the form of proceeds from a purchaser under a sale contract, rental income from a Tenant under an Agreement for Lease, term financing or a refinancing (including by drawing down under a letter of credit or Bank Guarantee provided by a 'takeout financier').

Works used in the execution of work under the Contract but that do not form part of the Works and are generally removed from the Site upon Termination or Practical Completion.

The person under a Lease who is granted the right by the Lessor to occupy the whole or any part of a premises for residential or commercial purposes. Also known as Lessee.

An offer to supply (or to provide) goods or services, which offer is capable of being accepted. Normally a tender must be accepted to create a Contract, although there are exceptions. A tender process is the process by which competing persons bid for the same work, on the same terms.

Terms and conditions that are typically included as part of a Request for Tender, which set out the procedural rules that will govern a tender process, including the requirements for a compliant Tender and the criteria and rules for evaluating, selecting and/or rejecting those Tenders.

Part of the Tender process which involves assessing the various Tenders submitted for the purpose of identifying the preferred tenderer having regard to the selection criteria specified in the Tender documents.

The process of assessing Tenders. See Tender Evaluation.

A funding offer from a Financier. It sets out the finance offered and the terms and conditions under which the Financier is prepared to provide the finance.

To end the Contract or contractual obligation in question. A Contract will usually specify the basis on which the Contract will terminate. There are also common law rights to terminate.