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In an open-book contract, the buyer and seller of work/services agree on (1) which costs are remunerable and (2) the margin that the supplier can add to these costs. The project is then invoiced to the customer based on the actual costs incurred plus the agreed margin.
Open-book accounting (OBA) is a business practice which opens up an organisation's accounts to some or all of those with an interest in the organisation, including its employees and its shareholders (including those whose shareholding is managed indirectly, for example through a mutual fund) and supply chain. [1]
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.
Construction accounting may also need to account for vehicles and equipment, which may or may not be owned by the company as a fixed asset. Construction accounting requires invoicing and vendor payment , more or less as to the amount of business done.
Stack and Case conceptualize open-book principles in similar ways. Stack uses three basic principles in his management practice called, The Great Game of Business. [5] His basic rules for open-book management are: Know and teach the rules: every employee should be given the measures of business success and taught to understand them
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Open account - this method can be used by business partners who trust each other; the two partners need to have their accounts with the banks that are correspondent banks. Bill of exchange - is used in international trade to bind one party to pay a fixed amount of money to another party on demand date or at certain point in future.
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