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 remodelers and builders 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.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.
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