Loss in the construction industry
In very general terms, the word loss refers to losing something or someone.
In economics, the word loss typically refers more specifically to an amount of money lost by a person or organisation. In the construction industry, this generally relates to losses incurred by one or more parties to the construction contract, such as loss and expense which refers to direct loss and/or expense as a result of the progress of the works being materially affected by relevant matters for which the client is responsible.
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