- The total sum of money allocated for a particular purpose. In construction, the money that is set aside for building a structure.
building budget, builder budget, house budget
Related Terms and Acronyms
- Holdback — Definition,
- A dollar amount that is withheld by the lender during construction of a home to ensure construction is satisfactory at every stage. The amount of hold-back is typically equivalent to the estimated cost to complete the construction.
- Interim Financing — Definition,
- The availability of funds on a daily basis to assist a developer with financing for a construction project between advances made by the lender of the construction loan.
- Quantum Meruit — Definition,
- Used in contract law it means "reasonable value of services."