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A Quick Ratio, also known as the Acid-Test Ratio, is a financial metric prevalent in several industries including construction. In the construction sector, it's used to evaluate a company's short-term liquidity and financial health by comparing its easily liquidated assets (like cash, accounts receivable, and short-term investments) with its current liabilities. To calculate, we divide these assets by the existing liabilities. For instance, if a construction firm has $500,000 in quick assets and $250,000 in current liabilities, its Quick Ratio is 2:1. This suggests that the firm has twice as many assets as liabilities, indicating strong financial stability. Positive Quick Ratios can improve a company's ability to secure loans or draw investors. However, a lower ratio might imply potential difficulties in fulfilling its short-term obligations, posing potential risks for stakeholders.

A Request for Information (RFI) in the construction industry is a formal process through which a party involved in a construction project request details about a document or a process. It acts as a vital communication tool between multiple project parties such as the general contractor, subcontractor, and the design team. This is generally used to resolve information gaps, make decisions or track project changes. The main purpose of an RFI in construction is to eliminate any ambiguity, introduce a control mechanism, avoid unrealistic project expectations and ensure that all participants have a clear understanding of the project. It assists in minimizing project risks and avoids potential disputes related to design issues, cost overruns or schedule delays. It's an essential element in maintaining transparency, effective communication and collaboration within a construction project.

A G702 is a document form used in the construction industry known as the Application and Certificate for Payment. It is issued by the American Institute of Architects (AIA) and is used by contractors to apply for payment for the work completed and materials supplied on a project. It details the contractor's progress on the project, summarizing the total project to date, change orders, previous payments, and the current payment due. The form needs to be signed by the contractor, the architect, and the owner, certifying that the work has been completed and payment is deserved.