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Thus by industry: In construction, the costs of materials, labor, equipment, etc., and all directly involved efforts or expenses for the cost object are direct costs. In manufacturing or other non-construction industries, the portion of operating costs that is directly assignable to a specific product or process is a direct cost. [4]
Premium pay - the extra portion of wages paid when a worker works overtime. Example: Wage rate is 10.00/hour, overtime is paid at time and a half, or 15.00/hour, the premium pay is 5.00/hour. Price is the quantity of payment or compensation given by one party to another in return for goods or services.
In the United States construction industry, contract agreements are usually written to allow the owner to withhold (retain) the final payment to the general contractor as "retainage". [3] The contractor is bound by the contract to complete a list of contract items, called a punch list, in order to receive final payment from the owner.
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:
A construction contract is a mutual or legally binding agreement between two parties based on policies and conditions recorded in document form. The two parties involved are one or more property owners and one or more contractors .
In the construction industry, LSTK combines two concepts. The LS part refers to the payment of a fixed sum for the delivery under e.g. an EPC contract. The financial risk lies with the contractor. TK specifies that the scope of work includes start-up of the facility to a level of operational status. Ultimately the scope of work will define just ...
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A contractor progress payment schedule is a schedule of when (according to project milestones or specified dates) contractors and suppliers will be paid for the current progress of installed work. Progress payments or interim payments are partial payments for work completed during a portion of a construction period, usually a month. Progress ...