The investor, the bank and the administration each name the same thing differently. These are the terms that appear in the documents — what they mean and why they matter.
25 terms
A sketch issued by the chief architect setting out where and within what limits a plot may be built on.
Issued by the municipal chief architect, it fixes the position of the future building within the plot together with the requirements it must meet. It is not a construction permit — it precedes design and frames it.
The administrative act authorising construction under an approved investment design.
Issued once the investment design is approved and effective after the appeal period lapses. It is also the condition banks typically require before releasing funds.
The act accepting the structure — the building has reached shell completion.
Drawn up once the load-bearing structure is complete and accepted. In practice it is the point at which the building exists as an object, and many compensation agreements tie payments to it.
The act by which the client accepts the completed works from the contractor.
Signed between client, contractor and designer, certifying the works follow the approved design. It starts the warranty period and precedes the application for commissioning.
The act commissioning the building so it may lawfully be used.
For categories one to three a permit to use (act 16) is issued by the national construction control directorate; lower categories receive a municipal commissioning certificate. Until then the building may not be used for its purpose, however complete.
A classification from one to six by complexity and public risk.
The category determines who approves the design, who supervises, and how the building is commissioned.
The plan setting a plot’s designated use and the parameters within which it may be built on.
Where the plan in force does not permit the investor’s intention, amending it is a separate procedure with its own timeline — one of the first things to verify before commitments are made.
The sum of the built-up areas of all above-ground floors.
The principal measure of project size. It matters whether a quoted figure includes basements, as practice differs and the difference can be material.
The two ratios capping how much may be built on a plot.
Density caps the footprint; intensity caps total built area. Together with height limits they set the maximum volume of the project.
The document recording a building’s technical characteristics and maintenance schedule.
Drawn up before commissioning and accompanying the building throughout its life.
The right in rem to erect and own a building on land belonging to another.
Ownership of the building is separated from ownership of the land. Granted by notarial deed, it underpins compensation deals with landowners.
A deal in which the landowner receives finished units in the future building instead of cash.
The investor receives the right to build; the owner receives an agreed share of what is built. The deal spans the whole project, so allocation and conditions are agreed at the outset.
The client’s own control over execution — quantity, quality, time and cost.
Distinct from statutory construction supervision, which is mandatory and protects the public interest. Investor supervision is contractual and protects the client. Both exist in parallel.
The statutory control exercised by a licensed body over the lawfulness of the works.
The supervisor signs the statutory acts and answers for compliance with the approved design. It does not represent the investor’s commercial interest.
The periods during which the contractor answers for defects after acceptance.
Set by type of works and running from acceptance. Retentions are released in stages across the period.
The document presenting a project to a financing institution.
It gathers the facts, the financial model, the risk assessment and the scenarios in one ordered document.
Releasing part of the approved loan against evidenced construction progress.
Each drawdown is tied to a documented stage. A delayed tranche halts payments to contractors, so reporting rhythm is aligned with the construction schedule.
The conditions a borrower must observe throughout the loan term.
Financial or operational. A breach gives the bank rights even when payments are current, so compliance is tracked alongside the schedule.
Releasing a property from the charge registered in the bank’s favour.
Partial releases accompany individual sales; full release follows repayment and formally closes the project’s financing cycle.
The party managing the project on the investor’s behalf and defending their interest before all other participants.
It neither designs nor builds — which is precisely what allows it to assess designer and contractor impartially.
The structured selection of a contractor against conditions set in advance and equal for all bidders.
Most of the project cost is fixed here, so the quality of the tender documents matters more than the negotiation that follows.
The schedule of all works with quantities and unit rates.
The common language between design and offers — used to compare bidders, report progress and verify payments.
The document certifying completed construction works and turning them into grounds for payment.
It ties reported quantities to the contracted unit rates. Reviewing it is the moment at which a gap between what was executed and what was agreed can still be caught — once approved, the payment is due.
The plan of activities over time, with dependencies and a critical path.
It shows which activity moves the completion date if it slips. A schedule without dependencies is a wish list, not a management tool.
The international standard dividing the project lifecycle into eight stages.
Used as a common frame by international investors and banks. It maps onto our Ф0–Ф7 model, though RIBA is design-centred while Ф0–Ф7 takes the investor’s position.
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