What does buyout mean in construction?
Short definition
Buyout is the process of awarding subcontracts and purchase orders after pricing has been received and reviewed.
Longer explanation
During buyout, teams compare scope, exclusions, alternates, qualifications, pricing, schedule, and contract terms.
Example in context
“The project team reviewed the buyout during the construction phase.”
Common users
- Owners
- Architects
- Contractors
- Construction managers