OCO (Owner Change Order)

A formal document issued by the owner requesting changes to the scope of work, affecting time or cost. Get digital approvals and quickly create change orders from any device with Projul.

On-Site Management

The coordination and supervision of construction activities directly at the project location. Effective on-site management ensures that work progresses according to plans, schedules, and quality standards while promptly addressing any issues that arise. Use Projul to...

Open Bid

A procurement process where the project is publicly advertised and any qualified contractor is invited to submit a bid. Open bidding promotes competition and transparency but requires careful evaluation to select the most suitable contractor.

Opportunity Cost

The potential benefit lost when one alternative is chosen over another. In construction, opportunity cost applies to resource allocation decisions, such as selecting between projects or investment opportunities that could yield different returns.

Order Change

A formal alteration to the original construction contract, specifying changes in the scope of work, cost, or schedule. Order changes must be documented and agreed upon by all parties to ensure legal enforceability and maintain project control. Get digital approvals...