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Facility or Site Analysis

A visual inspection of a building and on-site improvements for functional or physical deterioration; prepare optional Replacement Cost Estimate for making recommendations to improve functional and physical deficiencies to increase market value; Aand/or prepare a Reserve Study over five (5) years to increase Net Operating Income (NOI) for the facility. (See Site Analysis)

Fast Track Construction (Fast Tracking)

A method of construction management which involves a continuous design-construction operation. When a prime or main contractor starts the construction work BEFORE the plans and specifications are complete. (See Design-Build Construction)

Feasibility Study

 Evaluation of a proposed construction project’s legal and technological factors and estimated cost to determine if the project is viable.

FF&E

1. An abbreviation for furniture, fixtures and equipment

2. Items classified as personal property rather than real property

3. An abbreviation generally associated with interior design and planning of retail stores or office facilities.

Field Order

A written order effecting a minor change or clarification in the work not involving an adjustment to the contract sum or an extension of the contract time.

Field Report

See Daily Construction Report

Field Work Order

A written request to a subcontractor or vendor, usually from the general or main contractor, site for services or materials.

Final Acceptance

The action of the owner accepting the work from the contractor when the owner deems the work completed in accordance with the contract requirements. Final acceptance is confirmed by the owner when making the final payment to the contractor.

Final Inspection

A final site review of the project by the contractor, owner or owner’s authorized representative prior to issuing the final certificate for payment.

Final Payment

The last payment from the owner to the contractor of the entire unpaid balance of the contract sum as adjusted by any approved change orders. (see Final Acceptance)

Finish Date

The date that an activity or project is completed.

Fixed Fee

A set contract amount for all labor, materials, equipment and services; and contractors overhead and profit for all work being performed for a specific scope of work.

Fixed Limit of Construction Costs

A construction cost ceiling agreed to between the owner and architect or engineer for designing a specific project. (See Budget)

FTP Site (File Transfer Protocol)

 A website where project contacts may post construction documents or other plans. FTP sites differ from a planroom in that planrooms have subscribers who can access multiple projects; FTP Sites require access for each individual project.