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A Prevailing Wage refers to the hourly rate, benefits and overtime, paid to the majority of workers, laborers, and mechanics within a particular area. In the construction industry, it's the standard wage contractors and subcontractors must pay their workers when working on government projects. It's derived from the Davis-Bacon Act of 1931 which mandates that workers on federal construction projects must be paid at least the prevailing wages in the local area. The goal is to maintain fairness and prevent undercutting of wages. It includes various types of construction jobs from carpentry, electricians, ironworkers to bricklayers. The rate differs from location to location and job to job.

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.

An allowance, in the context of the construction industry, refers to a specific cost included in a contract to cover a particular item or work, the exact nature and cost of which are not yet determined at the time of contract formation. Essentially, it's a budget provision for various categories of items that could not be specified or quantified at the time the contract was made. This amount can then be adjusted as necessary based on the actual expenses incurred for the specified work. Examples of allowances could be funds set aside for fixtures, fittings, or finishes, where the specific models or types may not have been selected when the contract was drawn up. The primary objective of an allowance is to enable the smooth progress of work without interruption due to financial constraints. Hence it also helps in maintaining a scheduled timeline for project completion. However, it requires careful management to ensure that spending stays within the predetermined limits.