Download or read book Security of Payment for Subcontractors in the Building and Construction Industry written by and published by . This book was released on 1996 with total page 21 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Security of Payment for Subcontractors written by Christopher J. Hartley and published by . This book was released on 1992 with total page 252 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Security of Payment Between Main Contractor and Subcontractor written by Crystal Pei Peng Lau and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This research aims to investigate the reasons why payment disputes occur between main contractors and subcontractors and the practical ways to reduce the occurrence of this problem.
Download or read book Security of Payment for Subcontractors written by T. K. N. Tin Powe Hoo and published by . This book was released on 1995 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Security of Payment written by 'Azizan Supardi and published by LAP Lambert Academic Publishing. This book was released on 2012 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: In Malaysia, the particularly small sized sub-contractors need to enhance knowledge of the proposed Construction Industry Payment and Adjudication Act (CIPA Act) to improve their awareness of the benefits of the Act. Due to this, this research attempts to introduce balance and proper guidelines to the sub-contractors, in giving the knowledge, to claim for payment. Before that, this research identifying the payment provisions in the standard forms of contracts as well as in domestic sub-contracts especially on Contingent Payment, exploring the problems and legal issues relating to payment default, determining the level of knowledge that the sub-contractors have to the proposed CIPA Act, and analysing the various avenues which improve the payment problem in the construction industry those have been incorporated in the construction contract or statutes in the other developed countries as well as the proposed CIPA Act. As long as the Malaysian 'Security of Payment' Regime remains in proposal, currently, the sub-contractors have to bear with the current structure of payment mechanisms, which are 'payment upon certification', 'direct payment' from the employer, and 'contingent payment'.
Download or read book Security of Payment for Subcontractors in the Building Construction Industry written by and published by . This book was released on 1991 with total page 90 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Markup Profit written by Michael Stone and published by Craftsman Book Co. This book was released on 1999-01-01 with total page 316 pages. Available in PDF, EPUB and Kindle. Book excerpt: In order to succeed in a construction business you have to be able to mark up the price of your jobs to cover overhead expenses and make a decent profit. The problem is how much to mark it up. You don't want to lose jobs because you charge too much, and you don't want to work for free because you've charged too little. If you know how much to mark up you can apply it to your job costs and arrive at the right sales price for your work. This book gives you the background and the calculations necessary to easily figure the markup that is right for your business. Includes a CD-ROM with forms and checklists for your use.
Download or read book Understanding and Negotiating Construction Contracts written by Kit Werremeyer and published by John Wiley & Sons. This book was released on 2023-07-19 with total page 390 pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding and Negotiating Construction Contracts The complexities of construction contracts are made easy with this thorough and readable guide Construction contracts can be complex for both owners and contractors. For contractors, negotiating fair and balanced commercial terms in contracts is just as important as properly managing projects; a properly negotiated contract can mitigate unnecessary risk and unnecessary risk transfer. This, in turn, reduces exposure to financial liability for the contractor and for avoidance of contract claims and disputes. Understanding and Negotiating Construction Contracts provides a comprehensive and readable introduction to the world of construction contracts. Providing, for example, coverage of the four most common types of contracts—lump sum/fixed-price, cost-plus, time-and-materials, and unit-pricing—it promises to reduce uncertainty and allow contractors to enter contractual negotiations with greater confidence to be able to achieve a fair and balanced contract. This updated new edition reflects the up-to-date best practices to understand how to better negotiate the commercial terms and conditions in construction contracts. Readers of the second edition of Understanding and Negotiating Construction Contracts will also find: Updated information on indemnity, insurance, and negotiation An all-new chapter with a contract analysis checklist Real-world examples drawn from small residential, retail, large commercial, and international projects Understanding and Negotiating Construction Contracts is essential for construction professionals and college students studying construction contracts and the liabilities arising out of them.
Download or read book Security of Payment written by and published by . This book was released on 2015 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt: In order to improve security of payment for subcontractors, this discussion paper looks at the weaknesses within legislation and the current system. It also identifies a number of options that may go towards safeguarding payments. This discussion paper builds on the information received through previous consultation, and seeks feedback from a wider cross-section of the building and construction industry. It addresses the calls from industry that further consultation is needed and that further initiatives should be canvassed.
Download or read book Recommendations to Minimize Timely Payment Problems of Subcontractors Involved in Private and Public Building Construction in Pennsylvania written by Thomas P. Kuchar and published by . This book was released on 1982 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Recommendations are presented which will minimize timely payment problems of subcontractors involved in public and private building construction in the state of Pennsylvania. Census information is used to establish the importance of the subcontractor's position in the building construction industry. Causes of the payment problems--the subcontractor's largest problem--are discussed. Its seriousness is examined by relating increases in failures within the construction industry to the present high interest rates. The seriousness is further demonstrated by analyses performed on financial statements of contractors in the U.S. and on interest costs associated with several subcontractor's projects. Existing options available to subcontractors to either prevent or provide remedies to payment problems are examined. This includes analyzing several contracts, payment practices of governmental agencies, legislation such as Payment Bond Law and the Mechanics Lien Law, legal aspects, and business-related matters. Other practices, not presently available in Pennsylvania, include: a direct payment system to major subcontractors, line item release of retainage, and new proposed federal legislation. In order to evaluate the actual problem and to develop recommendations, the perceptions of architects, general contractors, and subcontractors, operating within Pennsylvania, were obtained through questionnaires.
Download or read book DOD Payment Protections for Construction Subcontractors and Suppliers written by and published by . This book was released on 1993 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Congress enacted laws, such as the Miller Act (United States Code, title 40, section 270) and the Prompt Payment Act (United States Code, title 31, sections 3903 and 3905), to ensure that construction contractors pay subcontractors in a timely manner. In FYs 1990 through 1992, DoD awarded construction contracts totaling about $19 billion. The audit was required by the FYs 1992 and 1993 National Defense Authorization Act, section 806, "Payment Protections for Subcontractors and Suppliers." Effective September 8, 1992, provisions of the Act dealing with prompt payments for construction contractors were incorporated into the Defense Federal Acquisition Regulation Supplement subpart 228.1, "Bonds," and section 232.970, "Payment of Subcontractors."
Download or read book H R 3032 Construction Subcontractors Payment Protection Enhancement Act of 1998 written by United States. Congress. House. Committee on Government Reform and Oversight. Subcommittee on Government Management, Information, and Technology and published by . This book was released on 1999 with total page 98 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book How to Detect Construction Fraud written by Robert Louis Becker and published by Xlibris Corporation. This book was released on 2012-02 with total page 241 pages. Available in PDF, EPUB and Kindle. Book excerpt: For every dollar spent on Time and Material (T&M) jobs, the contractor can recover all of his d costs plus all of his indirect overhead cost plus fees (profits). If all costs are recovered plus a fee, the contractor has little incentive to save the owner's money and expedite the work in the most prudent manner. The longer the project is delayed, the longer the contractor's equipment can be rented, the more field office staff can be billed, and the more overtime that is worked all contributes to more profits. Construction sites are more prone to fraud, over-billing, and lack of controls than typical businesses. Through proper construction oversight, there should be monitoring, accountability, and transparency for all transactions. There are two simple rules to follow: Rule Number 1: Never Assume Anything! There has to be a reason when the contractor fails to provide required documentation such as staff salary component details, purchase orders, equipment lists, or contracts with subcontractors. Perhaps the missing documentation shows charges to a different project that should not have been billed to this owner. Perhaps the staff salary components have hidden markups included in the rate in addition to the contractual fees. Perhaps the missing Purchase Order is a Lease-Purchase Option for equipment rentals with ownership of the item going to the contractor at the end of the lease but paid for by the owner. The reviewer should always question why something doesn't look right. Rule Number 2: Everything is Negotiable. Disputes often arise during a large construction project because of ambiguity in the contract terminology. The contract is the "Meeting of the Minds" of both parties throughout the project. An interpretation is often called for as to "What was the original intent of the contract language?" When every detail is not spelled out in the contract, there should be a reasonableness test applied. The contractor is acting as agent for the owner to complete the project prudently and expeditiously. If an equipment item can be rented for $1,000 per month or $600 per week and the length of rental is unknown, is it prudent to enter into a lease that costs the most ($1,000 per month versus $2,400 per month after 4 weeks)? The purpose of this book is to provide Government Agencies, Public and Private Project Owners, Certified Public Accountants, Construction Auditors, and Invoice Reviewers the tools needed to detect and dispute overcharges as well as provide guidance for Project Controls. Audit tools listed in this book will help detect unethical billing practices for any Agency or Company reimbursing contractors for craft labor, staff labor, material invoices, rental company invoices, or sub-tier-contractor invoices. The author recovered over $7 million overcharged by contractors and subcontractors on one project using techniques in this book. One significant audit finding could recover several thousand dollars of excess contractor profits and would justify the small investment in this book. WHY CONSTRUCTION AUDITING? Most owners of large projects, such as utilities or refineries, are not staffed for large maintenance or construction projects even though they always seem to be building or modifying their facilities. Projects can be short lived and the owners don't need a permanent staff for specific projects where the employees cannot be reassigned after job completion. They rely on contractors to execute the work acting as the owner's agent, gather the necessary documents to request their monthly reimbursement, and provide one accurate invoice for payment. The owner processes the bill as they would any other bill with perhaps a cursory review of the summary, a math verification of totals and some cross matching of labor rates, equipment rental rates, etc. Rarely is an in-depth review performed by a unique department such as Construction Audit but by the Accounts Payable Department. The Accounts Paya
Download or read book DOD Contracting Techniques to Ensure Timely Payments to Subcontractors written by United States. General Accounting Office and published by . This book was released on 1993 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Florida Construction Law Manual written by Larry R. Leiby and published by . This book was released on 2006 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Personal Sureties Under the Miller Act written by United States. Congress. Senate. Committee on Governmental Affairs. Subcommittee on Federal Spending, Budget, and Accounting and published by . This book was released on 1988 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Security of Payment for Subcontractors Consultants and Suppliers in the New South Wales Construction Industry written by New South Wales and published by . This book was released on 1996 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt:
