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Construction Terms Glossary

Conwize Construction Industry Terms Glossary Contents

Abstract of Bids: A comparative summary of contractor proposals in a construction tender

Term Definition - An Abstract of Bids is a concise document that compiles all received contractor bids for a construction

Addendum: A document that outlines changes to the original bid documents.

Term Definition - An addendum in construction is a formal, written modification issued during the bidding phase that alters, clarifies,

Adjusted Bid Price – Finalized Project Cost through Negotiation

Term Definition - The adjusted bid price is the definitive and mutually agreed-upon financial offer submitted by a contractor after

Allowable Costs: Legitimate contractor expenses chargeable under a construction contract.

Term Definition - Allowable costs, within the framework of a construction contract, represent the specific expenditures incurred by a contractor

Allowance: A set amount in a construction contract for work not yet fully defined.

Term Definition - In construction, an "allowance" is a pre-determined monetary sum deliberately incorporated into the overall contract price to

Alternate Bid: A Tool That Allows the Review of Cost Options in Construction Tenders

Term Definition - An Alternate Bid, often simply referred to as a "bid alternate," is a supplementary pricing proposal submitted

Approved Vendors List: Pre-qualified suppliers meeting set standards for quality.

Term Definition - An Approved Vendors List (AVL), often interchangeably referred to as an Approved Supplier List (ASL) or Qualified

As-Built Drawings: Updated plans showing the exact final state of a completed project.

Term Definition - As-Built Drawings, also known as record drawings, are a revised set of project drawings that meticulously illustrate

Base Bid: Contractor’s price for the core project scope, excluding alternate options.

Term Definition - A "Base Bid" in construction refers to the essential and complete price proposal submitted by a contractor