Maine Account Stated for Construction Work
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How to fill out Account Stated For Construction Work?
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FAQ
Net 10, 30, and 60. A net payment means that the payment is due within a specified number of days from the date the contractor issued the invoice. Net 10, Net 30, or Net 60 (found on the invoice) simply indicates that the contractor's payment is due 10, 30, or 60 days from the date of the invoice, respectively.
Unlike other states, Maine doesn't require general contractors to be licensed?only plumbers, electricians, and contractors who do specialty work. Check out the full list of who needs to be licensed here. Instead, general contractors need to apply for Maine business licenses.
On account could refer to ?payment on account? in which payment is made against a certain customer's account without any reference to a specific invoice. Payments on account are often made for purchases on account where the customer has not yet received a bill or invoice.
What is a payment on account ? A 'payment on account' describes a situation where Party A pays to Party B a sum of money for works completed without actually knowing if Party B is owed the money or not.
A 'payment on account' describes a situation where Party A pays to Party B a sum of money for works completed without actually knowing if Party B is owed the money or not.
In construction accounting, your accounts payable (A/P) are the bills that you have received from vendors or contractors that you have yet to pay. Basically, your accounts payable represents your obligation to pay off your short-term debts.
If you believe your claim is for less than $4,500, you can sue the original contractor in Small Claims Court. If the cost of completing the work is more than $4,500, you will need to consult your own lawyer about bringing a lawsuit. If the contractor violated the Maine Home Construction Contracts Law (10 M.R.S.A.
Ing to Maine's prompt payment laws, the project owner must pay the prime contractor by the later of 20 days from delivery of invoice, or 20 days from the end of the "billing period." This may be modified by agreement.