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Terms Glossary

Account Services
Where customers can go for account information, historical activity, service request, etc.  

Process of starting lease billing. 

8 Wide, 10 Wide, 12 Wide, etc.
Refers to the various standard widths of a unit. 

8 x 32, 10 x 44, 12 x 56
Refers to the width by length of a unit  

Device for securing portable buildings to ground. 

Block and Level
Cinder blocks, piers, or jack stands and pads are placed under a unit to make it level. 

Box size
The width and length of the unit without the 4' hitch. 

British Thermal Unit (BTU) 
A measurement of the energy required to raise 1 lb. (pint) of water 1° Fahrenheit. 

BTU/Hour (BTU/H)
1 kilowatt x 3415 = 1 BTU/H Example: 10 kW x 3415 = 34,150 BTU/H 

Damage Waiver
Agreement that waives, for a fee, the customer's obligation under the Lease Agreement to carry commercial property insurance with the exception for the first $500 of damage per unit. 

The process of unblocking and unanchoring the unit being returned. 

Early Termination
Penalty Cost to customer for returning a unit before the lease term is completed. 

Audits Process used to ensure ModSpace and regulatory EHS & DOT compliance expectations are met when working at all ModSpace locations and customer sites. 

Environmental Health & Safety
Team responsible for the provision of technical leadership, issue resolution, assessments and candid input to all ModSpace operations and functions to ensure ModSpace and regulatory EHS & DOT compliance. 

Environmental Protection Agency (EPA)
Organization that regulates contamination of the environment. 

"Extend a Plex" is a classification of units designed to have two end pieces and as many centers as you need to make a complex of any size. 

Ethylene Propylene Diene Monomer (EPDM)
Rubber roofing material used on some ModSpace portable buildings. 

Expired Lease
Lease that has past the lease term period. 

Exterior Siding
Type of material used on the outside of the building. (i.e. aluminum, wood, stucco, Hardi-panel.) 

Finance Lease 
The customer treats the building as if it has been bought and financed. At the end of the finance lease period the customer has the option to purchase the building. 

Front-end Charges
One-time charges billed at the beginning of a lease for delivery, set-up, etc. 

Fuel Charge
Charge to offset the cost of fuel.

General Liability Insurance
Commercial General Liability Insurance is required by ModSpace with a minimum limit of $1,000,000 per occurrence, with a $2,000,000 General Aggregate. 

Goods and Services Acceptance
Verifying receipt of goods and services. 

Heating, ventilation & air conditioning. HVAC equipment is rated on the capacity of the unit in BTUs per hour. 

The International Fuel Tax Agreement (IFTA) is an agreement between all 48 contiguous states, and 10 Canadian provinces. It enables participating jurisdictions to cooperate in the collection and administration of motor fuel taxes. 

Inbound Inspection
Inspection performed to measure the amount of damage incurred while the modular building is on lease. 

The process of blocking, leveling and anchoring a unit at delivery. 

Jack Stands
Stand used to level and support the unit as part of the set-up. 

Last Billed
The last date billed through. 

Lease Agreement
A lease is a contract. By its term, one party (the “lessor”) gives another party (the “lessee”) the exclusive right to use and possess its property or equipment (the “leased equipment”) for a specified period of time. 

Lease Maturity
ModSpace term for lease end date. 

Lease Start Date
The date that the customer assumes responsibility for the building. Billing and lease start dates are usually the same but can differ for special promotions and concessions. 

Lease Status
Current status of the lease (Pending, Active on Lease, Bill Review, etc.) 

Lease Term
Period of time (# of months) unit will be on lease. 

Lease/Sale Number
Auto-generated number assigned to every new lease/sale.

The "customer" who leases is unit. 

The owner of the equipment (ModSpace). 

Linear feet—unit of measure. 

Liability Insurance
An insurance policy that protects the lessor and lessee in the event of an accident. First Party - Insured, Second Party - Insurance Company, Third Party - Person Suffering Liability Loss. 

Lien Holder
The company that loaned the money to purchase the unit. They are also the owner of the unit until the lien is paid in full at which time ownership transfers to the buyer. 

Lock Out Tag Out (LOTO)
Process of placing a lock on electrical equipment to eliminate injuries/electrocution. 

Loss Payee
In the event of a unit being destroyed while on lease, the lessor would be reimbursed for the value of the unit by the insurance company. 

Maintenance and Repairs
Maintenance is the work necessary to ensure that our buildings are fully operational and in excellent condition. Repairs are necessary when a mobile storage container or modular building is damaged or experiences unusual levels of wear and tear. While maintenance is performed at the lessor's cost, repair work is charged to the customer.

The joint between the modules in a complex is usually called a mateline or modline 

Modular Building Institute 

The dedicated healthcare division of Modular Space Corporation. 

Mechanical, Electrical & Plumbing Systems  

Changes made to a standard configuration of a unit (add/remove wall, carpet to tile, etc.) 

DBA for Modular Space Corporation

Net Promoter Score (NPS)
3rd party measure of customer satisfaction based on survey of customers who are asked if they would recommend ModSpace to a colleague.  

On-center (OC)
The center of one board to the center of the next board 

One-Time Charges
Additional charges, usually front and back end charges (i.e. delivery, set-up, return, teardown)  

Operating Lease
The customer treats the lease payments as operating expenses. This type of lease is also known as an “Off Balance Sheet” lease since the obligation is not required to be noted on the customer’s balance sheet as a long-term obligation.  

Outbound/Delivery inspection
Inspection performed to record the condition of the unit at time of delivery. 

Overall Unit Size
The width and length of the unit including the 4 foot hitch. 

Transport Permits
The permits required to transport (delivery/return) units to and from a branch location for certain size units.

Blocking material placed under the unit to support and level it. 

Point of Connection (POC)  
“Tie-in” of the domestic water & sanitary service.

Pounds per square inch—unit of measure. 

Purchase Option Price
Dollar amount a customer can purchase a unit for. 

Recurring Charges
Charges to the customer that repeat every month during the term of the lease. 

Moving a mobile office or other unit for a customer from one location to another. 

Extend the term on the original lease. 

Resistance (Ohms) 
The force that opposes electricity—unit of measure.

Return Delivery
Transporting of the unit from customer site back to a branch location. 

The measure of insulating capability. 3-1/2” insulation is given a designation of R-11. The higher the R-value, the better it insulates. 

Security Deposit
Upfront monies collected and held until the end of the lease, at which time the money can either be applied to the outstanding account balance or refunded to the customer. 

Service Calls
Customer requests for services or repairs on a leased unit. 

Installation or setting up of the unit. 

Single Wide 
A single unit that stands by itself, unattached to other units as opposed to a double wide or triple wide. 

Site Address
Address where the unit will be delivered. 

Site Contact
Local contact at the delivery site. 

Covering installed around the base of the unit to enhance its appearance and hide the tires. Available in Wood, Vinyl and Aluminum. 

Sq. ft, or sf
Square feet—unit of measure. 

Sq. In,
Square inch—unit of measure. 

To dismantle or get the unit ready to be returned to the branch. 

Total Days Billed
Total number of days billed on the invoice. 

Total Payment
Amount Equals lease term times the monthly lease rate. 

Uniform Building Code (UBC)
Regulatory environment in the building industry which consists of building codes and standards covering local, state, federal, land use and environmental regulations developed specifically for the purpose of regulating the life-safety, health and welfare of the public. 

Removing the anchors from the ground. 

Removing the blocks from beneath the unit. 

Term used to describe a modular building. 

Unit Class
Abbreviations for various unit classifications (mobile office, classroom). 

Unit Readiness
How much time it will take a branch to get a unit ready for delivery.  

Unit Rider
Unit is being used for hazardous use. EHS must be notified and additional insurance may be required. 

Unit Specs
Specifications of the unit (# of offices/Restrooms, HVAC Model/Serial#, etc.) 

Value Added Products (VAP) 
Additional products offered by ModSpace such as steps and furniture.  

Value Added Services (VAS) 
Additional services offered by ModSpace such as the Damage Waiver.  

Vinyl Covered Tile (VCT)
Vinyl composition tile—floor covering. 

Vinyl Covered Paneling (VCP)
Type of interior wall paneling. 

Vinyl Covered Gypsum (VCG)
Type of interior wall paneling. 

Plastic material covering used to protect the exposed side of units/complexes such as office trailers, especially during transport.  

Voltage (Volt) 
Pressure that is required to push electricity—unit of measure. 

Amount of electric power used—unit of measure.