Competitive Intel
This company, founded in 2010, claims to be the first Construction Productivity Software that allows contractors and owners throughout the project lifecycle.
What is "Plangrid"?
This process is a common practice in which a party submits a question(s) for additional information or clarification.
What is an "RFI"?
This is used by the PM to track all project costs relative to the total amount available for spending, with the goal of identifying and avoiding potential cost overruns that would erode company profit.
What is the "Budget"?
These are the drawings, conditions, terms, and specifications setting forth the requirements for constructing the project.
What are the "contract documents"?
This is a formal request for payment and, along with cost information, typically includes a detailed list of the goods or services provided. Also known as a bill.
What is an invoice?
What is characterized as the ‘Best in Class’ Daily Log Tool?
What is "Raken"?
An official issuance term used to indicate construction document revisions made by the design team.
What is "ASI"?
These are reference numbers created by a company and used to track cost and schedule information throughout the life of a construction project, enabling detailed cost management and analysis. These are typically based on the 49 divisions laid out in the CSI MasterFormat standard.
What are "cost codes"?
In Procore, this is the formal agreement that would be used to document a request by the Owner to add or subtract items from the project’s original scope.
What is a "Prime Change Order"?
Formerly known as a Requisition, this is the updated terminology for an accounts payable invoice in Procore’s new Invoice Management product.
What is a Subcontractor Invoice?
This company was recently acquired by Trimble and claims to be a true all-in-one solution that houses anything from accounting to mobile solutions in the field.
What is "Viewpoint"?
Also known as a Not-to-Exceed price, this contract between an Owner and Contractor is an open-book where the contractor is compensated for actual costs + a fixed fee.
What is "GMP"?
This pre-construction document is created to identify and present all anticipated costs to the client for a project, and is typically converted directly into the Budget upon contract award.
What is the "Estimate"?
This correspondence is sent via Procore when the contractor needs additional pricing information related to a change in contract scope.
What is an "RFQ (Request for Quotes)"?
The construction industry standard method of invoicing, in which the payment amount requested from the client corresponds to the actual amount of work completed to date.
What is "progress billing"?
After founding Constructware in 1997, seven members went on to develop this company derived from the Hawaiian word for “platform” after
Constructware was acquired by Autodesk in 2006.
What is "Kahua"?
Officially called MasterFormat. These 16 divisions are commonly referred to by the Acronym for the institute that defined them.
What are CSI Divisions?
A general term typically applied to an agreement with a vendor or supplier for the delivery of a specified type and quantity of materials by a specific date. Due to this agreement, the contractor knows up front how much the materials will cost.
What is a "Purchase Order"?
Often a simplified version of the estimate or budget, this list shows a breakdown of the project scope along with the dollar amounts that the client has agreed to pay for each item. A PM had better keep their project costs below total amount shown on this list, or they will lose money on the job!
What is the contract "Schedule of Values (SOV)"?
The standardized billing format created by the American Institute of Architects, used almost universally by construction contractors to assemble payment requests.
What is the "G702/G703"?
Founded in 1974, this Toronto based company claims to deliver the most comprehensive and advanced enterprise and field operations solutions on a single database platform.
What is "CMiC"?
A term used to indicate cost risk to a project that is often submitted to the Owner before being added to the contracted scope.
What is a "PCO"?
Also referring to the portion of the contract that sets forth the project terms and responsibilities, these are the costs to a project’s budget that are not associated with any specific task or scope, and which increase linearly as the project duration increases.
What are "General Conditions"?
This type of contracts gives the owner some assurance of how much the project will cost, and Procore will do a better job of supporting this contract type in the near future thanks to a laundry list of improvements including a more-flexible budget, automatic prime contract markup, and always-editable Prime Contract SOV.
What is a "GMP Contract"?
Procore’s terminology for the type of invoicing that all business-savvy contractors should use, in which the actual costs incurred to a job during the billing period directly inform the amount that will be charged to the client for that same period.
What is "end-to-end invoicing"?