Projects are expensive. There are labor costs, material costs, overhead and operational costs. When a contractor bids on a construction project or a manufacturer takes on a job, they need to have an accurate fo
In a contract between a Main Contractor and Subcontractor, consideration is the pledge of money by the Contractor on the one hand and the supply of labour, plant and materials by the Subcontractor on the other. Consideration is not necessarily required where a contract is executed as a deed i...
Also sometimes known as the prime contractor (as they hold the prime contract with the owner), they’re often the most visible of the companies performing actual construction work. On large projects, you can quickly determine who the GC is by the banner hanging on the fence outside of the...
A stop work order is a legal tool project owners (or occasionally other parties) use to shut down work on a construction jobsite until the issue is fixed or the parties reach an agreement. Provisions for Stop work orders are typical in federal and state construction contracts, and are often...
For example, a contractor quotes a client $1000 to retile a shower. The client gives the contractor a $500 prepayment before any work is done. The contractor debits the cash account $500 and credits the unearned revenue account $500. Later, the contractor finishes half the job. He makes ...
What is a prime contractor? A prime contractor could be used as a synonym for “general contractor.” Virginia law, for example,defines a prime contractoras “a licensed contractor that performs, supervises, or manages the construction, removal, repair, or improvement of real property pursuant ...
You or your general contractor must provide the lender with a construction timeline, detailed plans and a realistic budget. Based on that, the lender will release funds, usually directly to the contractor, when major milestones are completed — for example, when the foundation is laid or the ...
What Is a Subcontractor? Sometimes independent contractors can bring subcontractors in to help them complete an assigned project. Once a contractor is hired by a business, they can then hire subcontractors. Subcontractors will sign an agreement like the one the contractor signed with the company, bu...
You or your general contractor must provide the lender with a construction timeline, detailed plans and a realistic budget. Based on that, the lender will release funds, usually directly to the contractor, when major milestones are completed — for example, when the foundation is laid or the ...
Whether you are an owner, contractor, or subcontractor, you’ve had to determine if the Governor’s shutdown order delays your construction project.