Set out below is an explanation of some of the key defined terms included in the PV Standard Project Deeds.
Definitions should not be changed by procuring agencies simply to accommodate terminology preferences. For example, amending terms such as 'PSDR' to 'PR' or 'PSTR', or terms such as 'Commercial Acceptance' to 'Provisional Acceptance' or 'Practical Completion' causes unnecessary confusion between projects and undermines the benefits of the standard form approach. However, these Guidance Notes recognise that certain terminology may, for good reason, need to be different between Project Deeds and identifies where this may be the case.