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Payment Bond	A surety bond posted by a contractor to guarantee that its subcontractors and material suppliers on the project will be paid. They are required in contracts over $30,000 with the Federal Government and must be 100% of the contract value. They are often required in conjunction with performance bonds.
Performance Bond	A written form of security from a surety (bonding) company to the owner, on behalf of an acceptable prime or main contractor or subcontractor, guaranteeing payment to the owner in the event the contractor fails to perform all labor, materials, equipment, or services in accordance with the contract. The surety companies generally reserve the right to have the original prime or main or subcontractor remedy any claims before paying on the bond or hiring other contractors. (see Labor and Material Payment Bond and Surety Bond). A surety bond issued by an insurance company or a bank to guarantee satisfactory completion of a project by a contractor. A job requiring a payment and performance bond will usually require a bid bond to bid the job.
Performance Specifications	The written material containing the minimum acceptable standards and actions, as may be necessary to complete a project. Including the minimum acceptable quality standards and aesthetic values expected upon completion of the project.
PERT	An abbreviation for Program Evaluating and Review Technique. (see Activity; Critical Path Method)
PERT Schedule	A diagram that illustrates, charts and reports a projects estimated start and completion times; and work in progress.
Physical Plan Room	Plan rooms are physical structures with paper project documents, including drawings (blueprints), specifications and addenda (see also Online Plan Room).
Plan Holders List	List of vendors/bidders who have purchased plans and specs for a construction bid.
Plan Room (Planroom)	There are two types, Physical (above) and Online.
Plan (Plans)	All the drawings pertaining to a planned construction project. Includes building, mechanical and electrical drawings. A line drawing (by floor) representing the horizontal geometrical section of the walls of a building. The section (a horizontal plane) is taken at an elevation to include the relative positions of the walls, partitions, windows, doors, chimneys, columns, pilasters, etc. A plan can be thought of as cutting a horizontal section through a building at an eye level elevation.
Plan Checker	A term sometimes used to describe a building department official who examines the building permit documents.
Plan Set	An entire set of drawings for a building project. Many projects include several Plan Sets, referred to as Issues or Revisions. Each change to scope typically includes a new Plan Set. Sometimes, Plan Sets are issued for milestones such as "Schematic Set", or "50% Design Set", so an estimator and owner can get started on a project, before the final Plans are completed.
Planner	A person who forms a scheme or method for doing something; an arrangement of means or steps for the attainment of some object; a scheme, method, design; a mode of action.
Pre-Construction Planning and Team Building	A process used for the purpose of establishing below market dollar budget(s), overall project scheduling and design criteria; also identification and selection of the most feasible planning, design and construction team.
Pre-Design Stage	The stage in the Construction Process when the owner comes up with the concept, permit and funding, and hires an architect, engineers and a spec book writer to put the plan to paper.
Pre-Qualification	An initial investigation into the appropriateness of a resource.
Pre-Qualification Management	Product used by General Contractors to manage subcontractor prequalification. Areas of primary focus are financial, bonding and safety.
Pre-Qualification of Prospective Bidders	A screening process wherein the owner or his/her appointed representative gathers background information from a contractor or construction professional for selection purposes. Qualifying considerations include competence, integrity, dependability, responsiveness, bonding rate, bonding capacity, work on hand, similar project experience, and other specific owner requirements.
Pre-Qualified Bidders	Contractors who have fulfilled all of the pre-qualification criteria as set forth by the solicitor.
Predecessor	An activity that must be completed before another activity can begin.
Preliminary Drawings	The drawings that precede the final approved drawings. Usually these drawings are stamped or titled "PRELIMINARY"; and the "PRELIMINARY" is removed from the drawings upon being reviewed and approved by the owner.
Preliminary Lien Notice	A written notice given to the property owner of a specific project by the subcontractors and any person or company furnishing services, equipment or materials to that project. The notice states if bills are not paid in full for the labor, services, equipment, or materials furnished or to be furnished, a mechanic's lien leading to the loss, through court foreclosure proceedings, of all or part of the property being so improved may be placed against the property even through the owner has paid the prime contractor in full. The notice explains how the owner can protect himself against this consequence by 1. requiring the prime contractor to furnish a signed release by the person or firm thus giving the owner notice before making payment to the prime contractor or 2. any other method or device which is appropriate under the circumstances. The state of California mandates that a Preliminary Lien Notice must be given to the property owner not more than 20 days after starting the work on the specific project. See also Lien.
Prime Contract	A written contract directly between a prime or main contractor or subcontractor for work on a specific project.
Prime Contractor	Any contractor having a contract directly with the owner. Usually the main (general) contractor for a specific project.
Principal	The leading participant of professional practice.
Private Projects	Construction Projects funded by private investors.
Professional Engineer	One who is professionally engaged in a branch of engineering.
Program	An ordered list of events to take place or procedures to be followed for a specific project.
Progress Payment	A payment from the owner to the contractor determined by calculating the difference between the completed work and materials stored and a predetermined schedule of values or unit costs. (see Schedule of values; Unit Costs).
Progress Schedule	A line diagram showing proposed and actual starting and completion times the respective project activities. (see Activity)
Project	A word used to represent the overall scope of work being performed to complete a specific construction job. A Project is another term for a Bid, Estimate, or Job.
Project Cost	All costs for a specific project including costs for land, professionals, construction, furnishings, fixtures, equipment, financing and any other project related costs.
Project Directory	A written list of all parties connected with a specific project. The list usually includes a classification or description of the party (i.e..., Owner, Architect, Attorney, General Contractor, Civil Engineer, Structural Engineer, etc.); name, address, telephone and FAX numbers opposite their respective classifications or description. It is particularly important that the emergency or after hour telephone numbers are included. These numbers should be kept confidential if requested by the respective parties.
Project Leads	Also known as the Internet Plan Room (IPR) and iSqFt for Subcontractors (i4S), this is the name for the service, information and tools we sell to subcontractors in the commercial construction industry.
Project Manager (Project Management)	A qualified individual or firm authorized by the owner to be responsible for coordinating time, equipment, money, tasks and people for all or specified portions of a specific project. (see Construction Manager)
Project Manual	A organized book setting forth the bidding requirements, conditions of the contract and the technical work specifications for a specific project. (see Specifications)
Project Representative	A qualified individual authorized by the owner to assist in the administration of a specific construction contract.
Project Site	see Site
Property Inspections and Reports	A limited visual inspection to identify the general features and major deficiencies of the property. Any area not exposed to view, is concealed, or is inaccessible is not included in this inspection.
Proposal	(aka Quotation) A written offer from a bidder to the owner, preferably on a prescribed proposal form, to perform the work and to furnish all labor, materials, equipment and/or services for the prices and terms quoted by the bidder.
Proposal Form	see Bid Form
Public Project	A construction project funded by tax dollars. A private project shows up in a public plan room when the GC decides to share the opportunity in order to get the word out to as many subcontractors as possible.
Purchase Order
Punch List	An outstanding list of work that needs to be completed before a construction project is considered "done" and the proverbial keys are turned over to the general contractor or owner. (see Inspection List)

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