Rule 153:1-4-01 | Definitions.
(A) For the purpose of these rules, the following terms shall have the meanings given them in section 9.33 of the Revised Code: "construction manager," "construction manager at risk," and "construction management services."
(B) For the purpose of this chapter, the following terms shall have the meanings given them in section 153.65 of the Revised Code: "public authority," "design-build contract," "design-build firm," "architect or engineer of record" and "design-build services."
(C) "Performance bond" means a written guaranty from a surety to a public authority providing financial assurance that the principal will perform the work in accordance with the contract documents.
(D) "Payment bond" means a written guaranty from a surety to a public authority providing financial assurance that the principal will make the required payments to subcontractors and material suppliers for all labor, materials, and other services related to the project.
(E) "Work" means the labor, materials, equipment, and services, individually or collectively, which are required by the contract documents to be performed or provided by the construction manager at risk or design-build firm for the project.
(F) "Contract sum" means the amount stipulated in the contract that is the total amount payable to the construction manager at risk or design-build firm for performance of the contract, including adjustments authorized by executed change orders. For purposes of these rules, contract sum does not include any compensation for architect or engineer of record services under a design-build contract.
Last updated October 17, 2023 at 2:42 PM
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