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Construction glossary
Construction Glossary •
Conditional Lien Waiver
What is a Conditional Lien Waiver?
A Conditional Lien Waiver is a legal document used in the construction industry that states a contractor, subcontractor, or supplier will give up or waive their right to place a lien on a property, under the condition they receive their expected payment. This waiver serves as a protection mechanism for the party responsible for payment, ensuring that once the payment is made, no future lien could be placed on the property for the services or materials provided.
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Other construction terms
Cash Flow Projection
What is a Cash Flow Projection?
A Cash Flow Projection in the construction industry is a financial document that estimates income and expenditure of a project over a specific period of time. This projection tool helps construction m...
Generally Accepted Accounting Principles (GAAP)
What are Generally Accepted Accounting Principles (GAAP)?
Generally Accepted Accounting Principles (GAAP) are a set of standardized rules and procedures in accounting to provide consistency in financial reporting across different entities. In the constructio...
Contingency
What is a Contingency?
In the realm of construction, a contingency refers to a certain amount of money set aside to cover unexpected costs that might arise during the project’s execution. This allocation, usually accounting...
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