Development and planning
Brief: the agreed requirements a project is expected to meet. Feasibility: an early test of whether a proposal is practical and commercially supportable. Planning approval: permission or consent required from the relevant authority before defined work can proceed.
Construction and handover
Procurement: the method used to appoint and contract suppliers or contractors. Commissioning: testing and verifying building systems before normal operation. Snagging: recording defects or incomplete work that requires correction before close-out.
Ownership and operations
Service charge: money collected to fund agreed shared property costs. Net operating income: property income after defined operating expenses and before financing and certain owner-specific costs. Lifecycle: the expected period through which a building component is installed, maintained and eventually replaced.