Maine Contractor's Weekly Equipment Summary
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How to fill out Contractor's Weekly Equipment Summary?
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The 9 essential contract documentsThe Construction Agreement. The agreement is the most fundamental document in a construction contract bundle.General Conditions.Special Conditions.Scope of Work.Drawings.Specifications.Bill of Quantities.Construction Schedule.More items...?
Here are some of the most important construction documents for commercial projects:Bidding Documents.Construction Contractor Agreement.Architectural Drawings.Specifications.Bill of Quantities.Schedule.Work Orders.Subcontractor Application.More items...
Your profits are what's leftover from what you were paid, after you've subtracted your overhead and the "hard costs" of the job. The hard costs include labor, material, supplies and more.
To make a profit, you must add your overhead costs plus a profit margin to your bids. Your overhead margin is easy to calculate. It is the total sum of your annual overhead costs divided by the sales you anticipate for the year.
Name the four basic types of construction contracts. The four basic types of construction contracts are the lump-sum contract, cost-plus-fee contract, guaranteed maximum price (GMP) contract, and unit-price contract.
Overhead: the costs of operating your business. Includes costs such as insurance, bonds, office supplies, payroll, vehicle expenses, utilities, accounting expenses, etc. Profit: the amount left over after paying for the job costs and overhead.
Overhead includes the fixed, variable, or semi-variable expenses that are not directly involved with a company's product or service. Examples of overhead include rent, administrative costs, or employee salaries.
What should be included in a Contractor Agreement?Statement of Relationship.Project Description.Payment and Billing Terms.Responsibilities of Each Party.Project Timeline and Deadlines.Termination Conditions.Nondisclosure Terms, and Confidentiality and Non-Compete Clauses.
General contractors routinely charge overhead and profit (GCOP), usually at a rate of 10% for each. This is how they get paid. An insurer that holds back GCOP until repairs are completed puts the property owner in an impossible financial position.
