Pleadings
Documents to be filed in court that state a party's case in litigation. (See Statement of Claim and Defence)
Plumbing Code of Australia (PCA)
The on-site construction requirements for plumbing and drainage associated with all classes of buildings which is contained in Volume Three of the National Construction Code (NCC).
PMSI
A PMSI is short for 'Purchase Money Security interest' which is a special category of security interest under the PPSA. A Purchase Money Security Interest is defined in section 14 of the PPSA. Subject to strict registration requirements, a PMSI has 'super priority' over other types of security interest under the PPSA.
Possession
The Contractor’s right to sufficient access, use and control of a site to enable the commencement of works.
PPS Lease
A 'PPS Lease' is an interest in personal property that is deemed to be a security interest under the PPSA. 'PPS Lease' is defined in section 13 of the PPSA. A PPS Lease may include certain leases or bailments of goods depending on the term of the agreement, type of goods and the business practices of the lessor/bailor.
Practical Completion (PC)
That stage in the carrying out of work under a construction Contract when the Works are substantially complete (save for minor Defects or omissions) and reasonably capable of being used for their intended purpose. The requirements for practical completion are usually specified in the agreement. Also referred to as substantial completion.
Pre-payment Bond
See Advance Payment Bond: A bond issued to the Principal by a Financier at the request of a Contractor to secure any Advance Payment made by the Principal.
Pre-payment Bond
A bond issued to the Principal by a financier at the request of a Contractor to secure any advance payment made by the Principal. Aslon known as an Advance Payment Bond.
Penalty
A punishment imposed for an infraction or breach of a rule, law or a performance condition in a contract. For example, parties may agree that penalties apply for late payment or for delays in the completion of work.
Precommissioning
Precommissioning refers to any testing, checking and other works specified in the Contract to be carried out by the contractor in preparation for commissioning.