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Construction glossary
Construction Glossary •
Property Owner
What is a Property Owner?
In the construction industry, a property owner refers to an individual, group, company, or entity that holds legal title to real estate, which comprises commercial or residential properties. This person or entity has the right to sell, lease, develop, renovate, or commission construction projects on the premises. The property owner may also participate in planning, decision-making, and overseeing construction work, either independently or in collaboration with structural engineers, architects, and contractors.
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Other construction terms
Cost Plus Billing
What is Cost Plus Billing?
Cost Plus Billing in the construction industry refers to a method where the customer agrees to cover the actual costs, expenses and other direct costs of the construction project plus an additional su...
Final Lien Waiver
What is a Final Lien Waiver?
A final lien waiver is a legal document that serves as a formal release of a contractor’s or subcontractor’s rights to file a lien against a property owner or project after they’ve received full payme...
Project Closeout
What is Project Closeout?
Project Closeout in the construction industry refers to the final phase of a construction project lifecycle. It involves delivering the finished project to the client, settling all lined up financial ...
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