The Lean Construction (LC) community commonly agrees upon that the goal of projects is to deliver value. However, value as a concept is an ambiguous one. Not surprisingly, a commonly agreed upon definition of value has not yet been found. We find the lack of such as definition to be problematic, as it makes any high-level discussion of value challenging. Reviewing the LC literature, limited effort in regards to tackling the fundamental nature and base definition of value is found. This paper aims to provide this through presenting nine tenets on the nature of value. It starts out by providing an overview of selected definitions found to be pertinent to value in the context of construction projects, notably from within economics, marketing and those that are employed within the LC community. Thereafter, nine tenets pertinent to the concept of value and the reasoning behind them are presented. Finally, we discuss several value related concept, such as waste, in relation to the presented tenets.