Key words pertaining to Contract Administration used in EPC/HAM/FIDIC contract projects, along with a brief summary:
EPC: Engineering, Procurement, & Construction a contract model where the contractor handles all aspects.
HAM: Hybrid Annuity Model – a contract model combining EPC & DBFOT elements.
FIDIC: International Federation of Consulting Engineers a standardized contract framework.
1) Contractor: The party responsible for executing the project.
2) Employer: Party who hire the contractor (also known as owner or client).
3) Subcontractor: A contractor hired by the main contractor.
4) Scope of Work: A detailed description of the work to be performed.
5) Milestone: Key project events or deadlines.
6) Deliverables: Specific products/services to be delivered by the contractor.
7) Payment Schedule: A timeline for payment releases to the contractor.
8) Variation Order: A request for changes to the original scope of work.
9) Liquidated Damages: Pre-agreed damages for non-compliance or delay.
10) Extension of Time: Extensions of project due to unforeseen circumstances.
11) Defect Liability: Responsibility for correcting defects after completion.
12) Dispute Resolution: Processes for resolving contract disputes. 13) Force Majeure: Unforeseen events beyond the contractor’s control.
14) Quality Control: Ensuring work meets specified standards.
15) Safety Management: Ensuring a safe working environment.
16) Environmental Management: Minimizing environmental impact.
17) Acceptance: Formal approval of completed work.
18) Bid: A contractor’s offer to perform the work. 19) Completion: Finalization of the project.
20) Defect: A flaw or failure in the work.
21) Delay: Extension of the project timeline.
22) Dispute: A disagreement between parties.
23) Documentation: Contract documents and records
24) Entitlement: The right to payment or compensation. 25) Extension: An increase in the project timeline.
26) Guarantee: A bond or security ensuring performance.
27) Indemnity: Compensation for losses or damages.
28) Inspection: Verification of work quality.
29) Liability: Responsibility for damages or losses.
30) Milestone: Key project events or deadlines.
31) Payment: Compensation for work completed.
32) Schedule: The project timeline.
33) Specification: Detailed requirements for the work.
34) Variation: Changes to the original scope of work.
