Bid Shopping - Negotiations to obtain lower costs and prices both prior to submitting proposals and after signing contracts.
Bid Tabulation - A summary sheet listing all bid prices.
Bid Time - The time set by the owner, architect or engineer for receiving bids.
Bidding Documents - The published advertisement or written invitation to bid , instructions to bidders, the bid form and the proposed contract documents including any acknowledged addenda issued prior to receipt of bids.
Bidding Period - The calendar period allowed from issuance of bidding requirements and contract documents to the prescribed bid date/time.
Bidding Requirements - The written minimum acceptable requirements set forth by the owner to the contractor during bidding process. The owner usually reserves the right to reject a bid if the Bidding Requirements are not met.
Bond - (see Bid Bond, Contract Bond, Contract Payment Bond, Contract Performance Bond, Labor and Material Payment Bond, Performance Bond or Subcontractor Bond).
Bonding Company - A properly licensed firm or corporation willing to execute a surety bond, or bonds, payable to the owner, securing the performance on a contract either in whole or in part; or securing payment for labor and materials.
Bonus-Penalty Clause - A positive/negative incentive to comply with a schedule. A bonus is paid for timely performance; a penalty is assessed for untimely performance. The dollar amount of the bonus and penalty must be equal, e.g., Penalty-Bonus clause in a contract.
Budget (Construction Budget) - (1) An itemized summary of estimated or intended expenditures for a given period of time (2) The total sum of money allocated for a specific project.
Budget Estimate - An estimate of cost based on rough or incomplete information, with a stated degree of accuracy. The more information available, the more accurate the estimate. Loosely called a "ballpark" estimate.
Building - (1) To form by combining materials or parts (2) A structure enclosed within a roof and within exterior walls housing, shelter, enclosure and support of individuals, animals, or real property of any kind.
Building Code - The legal requirements set up by the prevailing various governing agencies covering the minimum acceptable requirements for all types of construction.
Building Envelope - (1) The waterproof elements of a building which enclose conditioned spaces through which thermal energy may be transferred to or from the exterior. (2) The outer structure of the building. (sometimes referred to as "Building Shell")
Building Inspector/Official - A qualified government representative authorized to inspect construction for compliance with applicable building codes, regulations and ordinances. Courts have ruled that building inspections are exempt from errors and omissions liabilities.
Building Permit - A written document issued by the appropriate governmental authority permitting construction to begin on a specific project in accordance with drawings and specifications approved by the governmental authority.
Building Process - A term used to express every step of a construction project from it’s conception to final acceptance and occupancy.
Bulletin - A delineation, narrative or both describing a proposed change for pricing by a contractor and for consideration as a change by the owner.