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Labor and Material Payment 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 pay for all labor, materials, equipment, or services in accordance with the contract. (see Performance Bond and Surety Bond)

Labor Cost Code

An alpha-numeric code used to rollup like labor within a Bid, typically aligned with an Organization's Accounting system.

Lead

ConstructConnect provides construction leads to our subscribers that identify project information and construction contacts to assist subscribers in bidding and in the acquisition of jobs. 

Lead Management

 System that determines which salesperson is responsible for contacting a potential customer. 

Leasehold Improvements

A term used to mean Tenant Improvements. Generally, this term is used when building in retail stores as contrasted with the term Tenant Improvements which are generally associated with office buildings. The terms are often used interchangeably.

LEED Certified (Leadership in Energy and Environmental Design)

 A project that goes through a third party certification program that is nationally recognized to create a standard for the design, construction and operation of “green” buildings. Certification levels include Certified, Silver, Gold, Platinum. Note this in project descriptions and under Project Type on the Structures tab. 

Lien (Mechanic's or Material)

The right to take and hold or sell an owner’s property to satisfy unpaid debts to a qualified contractor for labor, materials, equipment or services to improve the property. (see Preliminary Lien Notice)

Lien Release

A written document from the contractor to the owner that releases the Lien, Mechanic’s or Material following it’s satisfaction.

Lien Waiver

1. An written document from a contractor, subcontractor, material supplier or other construction professional(s), having lien rights against an owner’s property, relinquishes all or part of those rights.

2. Lien waivers are generally used for processing progress payments to prime or main or subcontractors as follows: Conditional Lien Waiver, Unconditional Lien Waiver, and Final Lien Waiver.

List of Qualified/Pre-qualified Bidders

 A list of contractors who have fulfilled all of the pre-qualification criteria as set forth by the solicitor. 

Lot

 A measured portion of land having fixed boundaries and designated on a plot or survey. 

Lump Sum Agreement

(See Stipulated Sum Agreement)

Lump Sum Bid

A single entry amount to cover all labor, equipment, materials, services, and overhead and profit for completing the construction of a variety of unspecified items of work without the benefit of a cost breakdown.

Lump Sum Contract

A written contract between the owner and contractor wherein the owner agrees the pay the contractor a specified sum of money for completing a scope of work consisting of a variety of unspecified items or work.