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The Completed-contract method is an accounting method of work-in-progress evaluation, for recording long-term contracts. GAAP allows another method of revenue recognition for long-term construction contracts, the percentage-of-completion method. With this method, revenue is recognized when the contract is fulfilled.
The master service agreement serves as a master contract governing the terms over potentially multiple SOWs. Sometimes it refers to scope of work. For instance, if a project is done on contract, the scope statement included as part of it can be used as the SOW since it also outlines the work of the project in clear and concise terms. [3]
Sectional completion refers to a provision within a construction contract which allows different completion dates for different sections of the works. This is common in larger projects which are completed in stages, allowing the client to take possession of the completed parts whilst construction continues on others. [26]
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.
Contract administrator: The contract administrator assists the project manager as well as the superintendent with the details of the construction contract. Superintendent: It is the superintendent's job to make sure everything is on schedule, including the flow of materials, deliveries, and equipment. They are also in charge of coordinating on ...
The procurement step of the ISPL acquisition process embodies the obtaining of one single contract. Note that the acquisition itself can contain multiple procurements. Such a contract consists of one or more projects or ongoing services. The procurement step consists of three sequencing processes: Tendering; Contract monitoring; Contract completion
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