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This is generally the term used for the 'drop dead' date for a project. If Practical Completion under a building Contract has not occurred by the Sunset Date a Principal will generally have a right to terminate. For the purposes of financing, it is the date on which the Financiers may cancel a loan.

The person generally engaged by the Principal to administer the building Contract. In some instances the Superintendent is referred to as the Contract Administrator (see PC-1). The Superintendent is not a party to the Contract. However, the Contract will define the role of the Superintendent in administering that Contract. The Superintendent may have a dual role: to issue directions to the Contractor on behalf of the Principal and to carry out certification tasks as a party independent to the Principal. This creates a tension between the Superintendent's role as the Principal's agent (and therefore clearly representing the Principal's interests) and as a certifier (which must be undertaken independently).

An entity which provides goods or services for financial reward.

A person who binds himself or herself, usually by deed, to satisfy the obligations of another person, if the latter fails to do so. Similar to a guarantor. If a surety satisfies the obligations for which he/she is liable, the surety is entitled to recover the amount from the principal debtor.

A survey peg, bench mark, reference mark, signal, alignment, level or any other mark for the purpose of setting out, checking or measuring work under the Contract.

A temporary stop or cessation of a person's rights and / or obligations.

Subdivision of land means the division of land into two or more parts that would be then adapted for separate occupation, use or disposition. The subdivision is effected by a conveyance, transfer or partition of land, or any agreement, dealing plan or instrument that has the effect of rendering different parts of the land available for separate occupation, use or disposition.

When used in an agreement, the phrase creates legal presumption that the parties do not intend to make a concluded contract unless and until a formal contract has been executed.

Structural or contractual arrangements to create ranking of claims.

A Pleading that records the cause of action and particulars of allegations made by a plaintiff/applicant in a proceeding.