Glossary of Construction and Contracting Terms

Remodeling Contractor Maryland explains commonly used jargon in the construction field

Competitive Bid Construction:

Competitive Bidding is when multiple contractors will provide limited bid proposals in a prequalified situation, and the best bid will be chosen to complete the construction project. This is the most popular method of contract construction.

 

Cost / Plus Construction:

Cost / Plus is a type of construction that has no fixed contract price with the possible exception of a “not to exceed” ceiling price.

 

Design Budget:

A design budget is a range of likely project costs that is within the budget of the homeowner.

 

Design / Build Construction:

A Design / Build is a type of construction process in which the design and building phases of the project are both contracted by a single contractor.

 

Historic Renovation:

See Historic Restoration.

 

Historic Restoration:

A historic restoration is a construction project that looks to restore or recreate the preexisting and/or original features of a historic home or building.

 

Home Remodeling:

Home remodeling is the process of renovating or making additions to one’s home.

 

Initial Consultation:

The initial consultation is the first step in the construction process where we will discuss the specifics of your project, including time frame, budget, and other options.

 

Negotiated Contracts Construction:

Negotiated Contracts is a hybrid or combination of construction methods whereby the final construction documents and scope of work are modified because of budget restrictions.

 

Vertical Renovation:

A vertical renovation is used when additional living space is requested, but there is no additional space on the property. Instead, a second story is added to the home.