Unit of Measure
A unit of measure is the unit used to quantify an item of work, for example in a bill of
Valley
A valley is the internal angle formed where two sloping roof surfaces meet. Valleys collect rainwater from both slopes and
Value Engineering
Value engineering (VE) is a structured method of improving the value of a building, product or service by examining its
Value of Work to Date (VOWD)
Value of work to date (VOWD), also widely known as value of work done, is the value of the work
Variation
A variation is a change to the works instructed under the contract, such as an addition, omission or alteration to
Variation Account
A variation account is a record that tracks the changes, additions and omissions made to the original scope of work
Variation Order
A variation order is a formal written instruction that changes the scope, quality or duration of a construction project after
Vesting Certificate
A vesting certificate is a document confirming that ownership of specified goods or materials has passed (vested) to the client
Virtual Design and Construction (VDC)
Virtual design and construction (VDC) is the use of integrated, multidisciplinary models of a construction project, covering the product (the
Wage Rate
A wage rate is the agreed amount paid per hour to a person for carrying out work. It is the
