The term has a second meaning. Contractors also use it for the cost of running the jobsite, such as the superintendent, the trailer and temporary utilities.
The contract document covers payment, changes, time, insurance, claims and termination. Many projects use a standard published form and modify it with supplementary conditions.
Subcontracts usually bind you to the general conditions of the prime contract. Read the parts on payment, change notice, delay and warranty. For the cost meaning, check your own bid for jobsite costs such as supervision and hoisting.