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The main contractor for a project who provides on-site management of the construction project and performs the actual construction work or hires smaller, more specialized subcontractors to perform spe
Stands for Guaranteed Maximum Price contract and is a term used in construction projects to define the most money that the agreed upon construction specifications can cost. Also referred to as fixed p
GOOD STANDING CERTIFICATE
A document issued by a government authority, usually a secretary of state, affirming that a legal entity such as a corporation or partnership has complied with all of that authority’s filing requireme
A formal obligation by a third party to provide repayment of a loan owed by another entity should that entity default on the loan. The guarantor may be an individual or a corporation.
The direct costs to construct a building or structure, otherwise known as 'bricks and mortar' costs, as distinguished from legal, financing, architects', and similar fees required for the project but
An acronym referring to Heating, Ventilation, and Air Conditioning systems, which in a modern building usually come as a package.
Non-cash items of value, such as specialized volunteer labor, donated goods or professional services. Specific accounting rules govern the recognition of in-kind revenue and expenses.
A summary of the revenue and expenses of an organization during an accounting period. Also known as statement of activities or profit and loss statement.
A legal document outlining the rights of two or more lenders with loans to the same borrower. Often defines the positions of the lenders with respect to priority of collateral filings, principal and i
One of the costs of using money, usually expressed as an annual percentage, that a lender charges a borrower for the use of the principal over time.
A loan in which the payments represent only the interest accrued for a period of time. The entire loan amount (principal) is then either amortized over an agreed upon time period, or paid off in one l
IRS DETERMINATION LETTER
A document issued by the Internal Revenue Service to a nonprofit organization confirming its status as an organization exempt from paying federal income taxes and stating the type of exempt organizati
Renovations to leased space to suit the renter's needs. These may be paid for either by the landlord or the tenant.
LETTER OF CREDIT
An instrument or document issued by a bank guaranteeing the customer's payment up to a stated amount during a specified period, for which the customer is charged a fee. It substitutes the bank's credi
LETTER OF INTENT
A non-binding proposal from a lender indicating under what terms it would consider lending a certain sum of money to a specific borrower.