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Construction glossary
Construction Glossary •
Release
What is a Release?
In the construction industry, a release is a legal instrument that acts to terminate any legal liability between the releasor and the releasee, signed by the releasor. It is often used to settle disputes or claims, with one party agreeing to release the other from any existing obligations, responsibility or further legal action in return for a negotiated compensation. It may also refer to a point in a construction project where work is considered complete to a given level, allowing for payment or the transfer of responsibility to the next party involved in the process.
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Other construction terms
Long-Term Assets (or Noncurrent Assets)
What are Long-term Assets (Noncurrent Assets)?
Long-term assets, also known as noncurrent assets, are significant for the construction industry because they represent valuable resources that companies expect to benefit from over a future period ex...
Double-Entry Accounting
What is Double-Entry Accounting?
Double-entry accounting is a system used extensively in the construction industry, where every financial transaction has equal and opposite effects in at least two different accounts. The objective is...
Indirect Costs
What are Indirect Costs?
Indirect costs, in the context of the construction industry, are expenses not directly tied to a specific project, but are essential for the overall operation of a construction firm. They represent th...
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