REMEMBER: WE ARE REALLY IN THE COMMUNICATION BUSINESS AND JUST HAPPEN TO BE DOING REAL ESTATE DEVELOPMENT.
Here are some terms we frequently use at PCI that may or may not have the same meaning with others in general or even in the real estate / design & construction industry.
Available Funds - Funds within the project budget that have not been committed for a specific use or Set Aside for a future commitment.
Authorizations - An Authorization (Auth) is a commitment of some sort, preferably a contract or work order but it could be a Set Aside or informal commitment to a vendor to provide goods and/or services.
Changes (aka Change Orders) -
CWE or Current Working Estimate - Actual Cost to Date + Forecasted Cost to Complete
Expense - Any transaction that is a cost to the project. Examples of this would include a vendor's invoice, a credit card expense, or payment made directly to a vendor without an invoice (for example, a payment to a LAHJ)
G702 - AIA Payment Application (aka Pay App) -
G703 - AIA Continuation Sheet (aka SOV) -
Invoice -
Lien Waiver (Release) -
LAHJ - Local Authority Having Jurisdiction - Examples include a city, county, state fire marshall, state health department
Master Agreement -
Payment -
QA/QC - Quality Assurance / Quality Control - Measures put in place to assure and control the quality of a product (aka deliverable) or service
Reconciliation, Authorizations -
Reconciliation, Expenses -
Retention -
ROM or Rough Order of Magnitude - This usually applies to a cost, when there aren't enough details to actually estimate the cost or bid the work. It can apply to time as well.
Set Aside -
SOV - Schedule of Values -
Sub Accounts -
Transfer -
Uncommitted Line Item(s) - When Sub Accounts are created in Axsys Global, the Available Funds within that Sub Account is shown on the B/A [Text] Report as "Sub Account Name, Uncommitted".
Vendor -
Work Order -
