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Some contractors appoint subcontractors to work under a "pay when paid" clause, sometimes called a "pay if paid" clause, where the general contractor will work with subcontractors and the subcontractors are only paid if and when the general contractor is paid for the work. [6] An example clause from a construction context reads:
In the mechanics lien process, a lien waiver is a document from a contractor, subcontractor, materials supplier, equipment lessor or other party to the construction project (the claimant) stating they have received payment and waive any future lien rights to the property (of the owner) for the amount paid.
Invoice processing : involves the handling of incoming invoices from arrival to payment. Invoices have many variations and types. In general, invoices are grouped into two types: Invoices associated with a company's internal request or purchase order (PO-based invoices) and
A lien release, also known as a release of lien or a cancellation of lien, is a document that may be voluntarily provided by a lien claimant, such as a subcontractor, in exchange for payment or a promise of payment from a general contractor or a property owner. Negotiations may be tricky, as lien claimants generally want to be paid before they ...
Under these conditions, the subcontractor may collect payment from the owner, who then reduces his final payment (i.e. when releasing what remains of the holdback) to the contractor. Note that the subcontractor is entitled to payment based on quantum meruit, irrespective of whether or not the subcontractor has privity of contract with the owner.
Subcontractors for Municipal Contractors Inc.have walked off the job at intersections in Boca Raton, Boynton Beach and Lake Worth Beach. Failure to pay subcontractors halts work at three major ...
Progress payments or interim payments are partial payments for work completed during a portion of a construction period, usually a month. Progress payments are made to general contractors, subcontractors, and suppliers as construction projects progress. Payments are typically made on a monthly basis but could be modified to meet certain milestones.
An example spangram with corresponding theme words: PEAR, FRUIT, BANANA, APPLE, etc. Need a hint? Find non-theme words to get hints. For every 3 non-theme words you find, you earn a hint.