Contracts
Warranty, Always, Never, All, Guarantee, etc.
A/R
What is Accounts Receivable?
This should be used when estimating fees on a project that presents greater than normal professional risk to the company.
What is Fee Schedule A?
SME's in-house legal council.
Who is Peter Arvant?
A token of appreciation that anyone in the company may send to anyone else.
What is a SMERIT?
This type of contract is commonly used in projects that involve a fixed total price for a well-defined scope of work.
What is a lump-sum contract?
WIP
What is Work in Progress?
This document outlines a project’s scope, timeline, and budget, and is presented to the client for approval.
What is a Project Proposal?
A task or document which identifies potential physical risks and prescribes safety measures to protect Team Members on a project.
What is a Site Safety Assessment?
or
Health and Safety Plan
DAILY DOUBLE
This program has been in place at SME for 34 years and nearly 900 people have participated.
The care and skill ordinarily used by professionals practicing under similar circumstances at the same time and in the same locality.
What is Professional Standard of Care?
KFI
What are Key Financial Indicators?
DAILY DOUBLE
This term describes the addition of tasks or work to a project without first receiving corresponding increases in budget, resources, or time.
When they happen, these tend to arise two or more years after our services are complete.
What are claims and/or disputes?
The action taken when Mark mentions Harvard.
What is DRINK?
$50,000 or SME’s total fee for the services rendered....
What is SME’s Commercial Limitation of Liability clause?
RF
What is Revenue Factor?
A modification or an amendment to an existing contract, typically scope and/or fee.
What is a Change Order?
Unforeseen natural events such as earthquakes, floods, or hurricanes, in legalese.
What are Acts of God?
The prize at the end of the year for successfully completing company-wide initiatives.
What are Goal Tracker Days?
A contractual obligation of one party to compensate the loss incurred by another due to specific actions or events.
What is Indemnification?
DRI
What are Days to Return Invoices?
A common fee structure for publicly funded projects.
What is Cost Plus?
This provides financial protection for professionals against claims of negligence, errors, or omissions in the services they provide.
What is Professional Liability Insurance?
The client-focused holiday gift for 2024.
What are SMEasonings?