S

Site

The land and other places to be made available to the Contractor by the Principal for the purpose of carrying out Work under the Contract.

Site Conditions

The physical conditions on or under the Site and its near surrounds, including artificial things and Latent Conditions, but excluding weather conditions.

Special Conditions

See Schedule of Amendments.

Specific Performance

Refers to a court order directed at a contracting party requiring it to perform obligations under a Contract. The right to specific performance contrasts with the right to Damages for breach of contract. Courts need to be satisfied that damages are not an appropriate remedy before making an order for specific performance of a contract.

Specifications

A design or performance criterion describing in detail the work to be performed which is often one of the contractual documents that the contractor must comply with.

Security Trust

An arrangement under which a Security Trustee holds all security interests, overall project entities and assets for the beneficiaries under the security trust (senior and mezzanine financiers, builders and sponsors).

Sponsor

A sponsor is usually the Parent Company of a special purpose vehicle, or another related company, that provides equity, security or other undertaking in relation to a project.

Security Trustee

A person (usually independent) appointed under a deed of trust to hold, protect and maintain the security interests of secured creditors.

Stage (also known as Portion)

See Separable Portion.

Selected Subcontractor

See Nominated Subcontractor.

Glossary Term

Title

Description