Guam Account Stated for Construction Work is a legal concept that applies to construction projects in the U.S. territory of Guam. It refers to a formal agreement or statement between a contractor and a client regarding the satisfactory completion of construction work and the amount owed for that work. In the context of construction projects, the term "account stated" means that the parties involved have reached a mutual agreement on the amount of money owed for services rendered, materials supplied, and any other relevant expenses incurred during the construction process. This agreement is typically reached after the contractor submits an itemized invoice or statement to the client, and the client accepts and acknowledges this statement as accurate. The Guam Account Stated for Construction Work serves as an important legal document that establishes a contractual obligation for both the contractor and the client. It ensures that the contractor will be paid for the work performed in accordance with the agreed-upon terms, while the client is assured that the amount owed accurately reflects the services and materials received. There are different types of Guam Account Stated for Construction Work, including: 1. Final Account Stated: This type of account stated is issued at the completion of the construction project. It includes the final invoice that summarizes all the costs incurred during the entire project, ensuring that both parties agree on the final amount owed. 2. Partial Account Stated: In cases where a construction project is divided into multiple phases or milestones, a partial account stated can be issued. This type of account stated allows the contractor and client to reach agreements on partial payments throughout the project as each phase is completed, ensuring transparency and accountability. The Guam Account Stated for Construction Work is essential for maintaining clear communication and resolving any potential disputes between the contractor and the client. It provides legal protection for both parties involved and serves as a crucial document in enforcing payment agreements.
Guam Account Stated for Construction Work
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US-0031BG
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An account stated is a statement between a creditor (the person to whom money is owed) and a debtor (the person who owes) based upon a series of prior transactions that a particular amount is owed to the creditor as of a certain date.
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