Maine Contractor's Schedule Sheet
Description
How to fill out Contractor's Schedule Sheet?
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FAQ
However, the general format to expect will include columns with the following details:The description of each item of work.The total cost for each item.What you've been paid to date on the work, from prior billing periods.The percentage of the work that's been completed.Your costs for the current billing period.More items...?
What Should a Schedule of Values Include?Project name and number.Name of the prime or general contractor.Application number and date.Work item numbers.Description of work items.Total value of each item.Percentage of work completed.Value of work completed for past and current periods.More items...?
A schedule of values is a comprehensive list of the work that needs to get done on a construction job, and it shows the payment values attributed to each item. This document explains each step of a contract in chronological order S.O.V. is a common name for this itemized list.
A schedule of values commonly referred to as SOV is a comprehensive documented list of work that was done on a particular project. SOV's are an essential part of every construction project.
The contractor must collect and remit sales tax based on the sale price of the items it sells at retail.
In the state of Maine, services are not generally taxable. While most services are exempt, there are a few exceptions. For example, a service who's work includes creating or manufacturing a product is very likely considered to be taxable, and thus you would most likely have to pay sales tax on the service.
Sales and use tax rate. The state of Maine has several sales and use tax rates. The general rate that applies to most sales of tangible personal property and services is 5 percent.
A Schedule of Values, or SOV, is a list of every work item on a project, along with each item's value or cost. This comprehensive work list represents the entire construction project and the entire contract price, from beginning to end.
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.
The following services are subject to the Service Provider Tax in MaineAncillary Services.Rental of Video Media and Video Equipment.Rental of Furniture, Audio Media and Equipment pursuant to a Rental-Purchase Agreement.Telecommunications Services.Installation, Maintenance or Repair of Telecommunications Equipment.More items...
