• Take-out

    A source of repayment of the original financing that is usually triggered by Practical Completion. It can take the form of proceeds from a purchaser under a sale contract, rental income from a Tenant under an Agreement for Lease, term financing or a refinancing (including by drawing down under a letter of credit or Bank Guarantee provided by a 'takeout financier').

  • Temporary Works

    Works used in the execution of work under the Contract but that do not form part of the Works and are generally removed from the Site upon Termination or Practical Completion.

  • Tenant

    The person under a Lease who is granted the right by the Lessor to occupy the whole or any part of a premises for residential or commercial purposes. Also known as Lessee.

  • Tender

    An offer to supply (or to provide) goods or services, which offer is capable of being accepted. Normally a tender must be accepted to create a Contract, although there are exceptions. A tender process is the process by which competing persons bid for the same work, on the same terms.

  • Tender Conditions

    Terms and conditions that are typically included as part of a Request for Tender, which set out the procedural rules that will govern a tender process, including the requirements for a compliant Tender and the criteria and rules for evaluating, selecting and/or rejecting those Tenders.

  • Tender Evaluation

    Part of the Tender process which involves assessing the various Tenders submitted for the purpose of identifying the preferred tenderer having regard to the selection criteria specified in the Tender documents.

  • Tender Review

    The process of assessing Tenders. See Tender Evaluation.

  • Term Sheet

    A funding offer from a Financier. It sets out the finance offered and the terms and conditions under which the Financier is prepared to provide the finance.

  • Termination

    To end the Contract or contractual obligation in question. A Contract will usually specify the basis on which the Contract will terminate. There are also common law rights to terminate.

  • Territory Plan

    The Territory Plan is the key statutory planning document in the ACT, providing the policy framework for the administration of planning in the ACT. The purpose of the Territory Plan is to manage land use change and development in a manner consistent with strategic directions set by the ACT Government and the community. The Territory Plan must be consistent with the National Capital Plan. The Territory Plan includes broad principles and policies that guide development, through land use specific objectives and policies.

  • Third Party (privity of contract)

    The common law doctrine of privity of contract provides that only a party to a Contract: - may be subject to the obligations created by that Contract; and - is able to sue on it. Note the third party may be able to bring proceedings based on other principles of law, such as unjust enrichment.

  • Time at large

    If the Contractor fails to achieve Practical Completion by a specified date as a result of a delay by the Principal and an Extension of Time is not granted in respect of that delay, the Contractor will only be obliged to achieve Practical Completion within a reasonable time. An express obligation to complete by the stipulated date is replaced by an implied obligation to complete within a reasonable time. See also Prevention Principle.

  • Time Bar

    A clause limiting the time within which a party may take action under a Contract. A time bar must be clearly expressed to be effective.

  • Time of the essence

    Confer an express right of Termination on a party in respect of breach by the other party of a time stipulation in the contract.

  • Torrens Title

    A system of land title where land holdings are maintained by the government in a public register. Title to land under the Torrens system is evidenced by a certificate of title.

  • Tort

    An act or omission by the defendant, constituting an infringement of an interest of the plaintiff recognised by law as being worthy of protection and giving rise to a right of civil action usually for unliquidated damages.

  • Trace to Source

    The obligation of a Contractor to remediate contamination all the way back to its source.

  • Transit insurance

    Insurance to be taken out in respect of goods to be transported.

  • Tripartite Deed

    A document between three parties. In the construction context, it is usually referred to as a Builder's Side Deed.

  • Trust

    An obligation enforceable in equity, which rests on a person (the trustee) as owner of some specific property (the trust property) to deal with that property for the benefit of another person (the beneficiary) or for the advancement of certain purposes.

  • Turnkey Contract

    A method of project delivery which operates under the principles of design and construction contracts. The Principal specifies performance requirements but normally has no input into design and construction decisions. At Practical Completion, the project is fully operational, allowing the Principal to simply 'turn the key' and commence operating.