General Contractor
Definition
- A business or person who contracts for and takes responsibility for completing a construction project. The general contractor also hires, supervises, and pays all subcontractors and suppliers.
Synonyms
building supervisor, construction specialist, jobsite overseer
Related Terms and Acronyms
- Completion Bond — Definition,
- Insurance purchased to make sure that an important project is completed, even if something unexpected happens, financial or otherwise.
- Contractor — Definition,
- One who constructs or oversees construction of a house or a large renovation.
- Someone that agrees to furnish materials or perform services at a specified price.
- Cost-plus Contract — Definition,
- An agreement in which a construction contractor receives a fee based on a percentage of all costs paid for labour and materials.
- Draw Mortgage (DM) — Acronym,
- A periodic payment made to a construction contractor or subcontractor as work progresses. A draw is part of a construction mortgage.
➥ See Progress Advance Mortgage (PAM). - Subcontractor — Definition,
- A person or company that does specialty work for a general contractor.
- Wrap-Up Insurance — Definition,
- Liability insurance that covers workers on large-scale construction projects.
