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MasterFormat has continued to be updated and revised since 2004, with new numbers, titles, and a new division added in 2010 and additional updates completed in 2010, 2011, 2012, 2014, 2016, and 2018. [5]
Corporate titles or business titles are given to company and organization officials to show what job function, and seniority, a person has within an organisation. [1] The most senior roles, marked by signing authority, are often referred to as "C-level", "C-suite" or "CxO" positions because many of them start with the word "chief". [2]
It provides a master list of divisions, and section numbers and titles within each division, to follow in organizing information about a facility's construction requirements and associated activities. [2] Standardizing the presentation of such information improves communication among all parties involved in construction projects. [2]
MasterFormat is a standard for organizing specifications and other written information for commercial and institutional building projects in the U.S. and Canada. [1] Sometimes referred to as the "Dewey Decimal System" of building construction, MasterFormat is a product of the Construction Specifications Institute (CSI) and Construction Specifications Canada (CSC).
In the United States construction industry, contract agreements are usually written to allow the owner to withhold (retain) the final payment to the general contractor as "retainage". [3] The contractor is bound by the contract to complete a list of contract items, called a punch list, in order to receive final payment from the owner.
A cost plus contract states that a client agrees to reimburse a construction company for building expenses such as labor, materials, and other costs, plus additional payment usually stated as a percentage of the contract's full price. This type of construction contract is an alternative to lump sum agreements.
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The New Engineering Contract (NEC), or NEC Engineering and Construction Contract, is a formalised system created by the UK Institution of Civil Engineers that guides the drafting of documents on civil engineering, construction and maintenance projects for the purpose of obtaining tenders, awarding and administering contracts.
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