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A subcontractor is a person or business which undertakes to perform part or all of the obligations of another's contract, ...
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. Progress payments are an important part of contract administration for the contractor.
The following is a list of trades in construction.. Bell hanger installs mechanical and electrical bell systems; Boilermaker, works in nuclear, oil and gas industry, shipyards, refineries, and chemical plants, on boilers, pressure vessels, and similar equipment.
When using subcontractors, the general contractor is responsible for overseeing the quality of all work performed by any and all of the workers and subcontractors. It is a best practice for general contractors to prioritize safety on the job site, and they are generally responsible for ensuring that work takes place following safe practices.
A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...
The CDRL identifies what data products are to be formally delivered to the government by a contractor, as well as when and possibly how (e.g. format and quantity) they are to be delivered.
The definition of a small business depends on the industry, business size and annual revenue. In general, a small business typically has fewer than 1,000 employees, is privately owned and has less ...
Retainage is a portion of the agreed upon contract price deliberately withheld until the work is complete to assure that contractor or subcontractor will satisfy its obligations and complete a construction project. [1] A retention is money withheld by one party in a contract to act as security against incomplete or defective works.
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