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A project bank account is a means of paying sub-contractors in a construction project directly from the funds made available by the construction client instead of from the earnings or funds of the prime contractor. The UK Government promotes the use of project bank accounts (PBAs) in major construction projects.
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.
Cost-plus-incentive fee (CPIF) contracts have a larger fee awarded for contracts which meet or exceed certain performance goals, for example being on schedule and any cost savings. [1] Cost-plus-award fee (CPAF) contracts pay a fee based upon the contractor's product. An aircraft development contract, for example, may pay award fees if the ...
Performance-based approaches are widely used within the defense industry, [3] but can be applied across many sectors. In the defense industry they are also known as performance-based logistics (PBL). In international development the concept is known under output-based aid. Payment by Results (PbR) is a closely related
Acme Construction is an affiliate of Acme Coal and the only company with the know-how to construct a power plant in accordance with Acme's delivery specification. A power plant can cost hundreds of millions of dollars. To pay Acme Construction, Power Holdings receives financing from a development bank and a commercial bank. These banks provide ...
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. [1] Direct costs are those for activities or services that benefit specific projects, for example salaries for project staff and materials required for a particular project.
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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 ...