If residential construction terms like “punch list” and “draw” sound unfamiliar, you are not alone. Most home owners are not aware of the different terms remodelers and builders use to describe a project. To help you have a smooth remodeling experience, here’s a glossary of some of the common terms used by builders and remodelers to help you understand the language related to your project:
Allowance: A specific dollar amount allocated by a contractor for specified items in a contract for which the brand, model number, color, size or other details are not yet known.
Bid: A proposal to work for a certain amount of money, based on plans and specifications for the project.
Certified Aging-in-Place Specialist (CAPS): A CAPS professional is knowledgeable about the strategies and techniques to meet the home modification needs of home owners who want to continue living in their homes safely, independently and comfortably, regardless of age or ability level.
Draw: A draw is a detailed payment schedule for a construction project. A designated payment is “drawn” from the total project budget to pay for services completed to date.
Change Order: A written authorization to the contractor to make a change or addition to the work described in the original contract. The change order should reflect any changes in cost.
Punch List: A list of work items to be completed or corrected by the contractor, typically near or at the end of a project.
Subcontractor: A person or company hired directly by the contractor to perform specialized work at the job site, like a plumber or electrician, and is sometimes referred to as a trade contractor.