The meaning of COGS differs significantly from operating expenses (OPEX). COGS are the expenses associated with the products sold by your business. OPEX refers to the day-to-day cost of running your business not included in your COGS. OEX are the remaining costs after COGS, like your salaries...
Making accurate estimates of construction costs requires an understanding of job costing, knowing what a job cost sheet is and what needs to be included in that costing sheet. We’ll go over all, plus explain when to use job order costing and provide an example of a job cost sheet to mak...
How Cost-plus Contracts Work A cost-plus contract is a construction agreement that requires reimbursement for project costs as well as a markup that covers the contractor’s overhead and profit. In other words, the name is a short-hand way of remembering what the contract covers: project cost...
Budget adherence:If only predictable costs were included inconstruction cost estimates, staying on budget would become impossible. A contingency is part of the budget from day one, so the funds can be allocated without inflating or reassessing the budget. Planning for the inevitable:Unpredictable and...
shows the suggested locations for fixtures and outlets. Please contact us to see if an electrical plan is included in the plan set. Notes & Details provides information for structural specifications, excavating and grading, masonry and concrete work, carpentry and wood specifications, thermal and moi...
• An assumption fee might be included if the purchaser assumes the responsibilities of paying the seller's existing mortgage. Closing Costs Paid in Advance Closing costs paid in advance of the closing cover expenses that arise after closing. Prepaid interest is one such cost, and covers the ...
What should be included in a construction submittal? What Is Included in Submittals and Why Do They Matter? Product cut sheets that identify the manufacturer, specifications and model number. Shop drawings that lay out the dimensions of such prefabricated products such as trusses, cast concrete, wi...
What is included in construction takeoffs? Construction takeoffs include estimating the quantity of materials needed, measuring dimensions, and calculating labor costs based on job activities. Construction takeoffs are typically used to bid on projects, as they provide an accurate cost estimate that ca...
What Is Included in Labor Cost? What Is Indirect Labor Cost? What Is the Difference Between... How to Calculate Labor Rate Tools for Planning Manpower What Is Payroll Expense? What Are the Benefits of Being... How to Accrue Payroll How to Calculate Weekly Pay How to Calculat...
As long as both parties sign an addendum it is legally binding, however, it is worth having a lawyer look over an addendum to make sure it is in order before signing to avoid confusion in the future. An insurance addendum would add or remove what is included in the coverage of an insur...