West Virginia Account Stated for Construction Work
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The following steps can help contractors get the payments they are owed.Create Solid Contracts. A solid contract is the strongest weapon in your arsenal.Optimize Your Contracts.Send Invoices for Progress Payments.Use Preliminary Notices & Conditional Lien Waivers.5 Seek Payment After the Project is Completed.
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...
Below are some of the common types of contract documents that should be included.Contract Agreement.Scope of Work Definition.General Conditions.Special Conditions.Bill of Quantities.Work Schedule.Drawings.Technical Specifications.More items...
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...?
Retainage is the withholding of a portion of each progress payment earned by a contractor or subcontractor until a construction project is complete. Retainage is calculated as a percentage of each progress payment, typically 5% to 10% of the payment.
Therefore, the primary issue in accounting for construction contracts is the allocation of contract revenue and contract costs to the accounting periods in which construction work is performed.
Two basic methods of accounting for long-term construction contracts are recognized by the accounting profession: (a) the percentage-of completion method, and (b) the completed-contract method.
Under current accounting for construction contracts, revenue recognition is accounted for using two basic methods: (1) the percentage-of-completion method where revenue, costs, and profits are recognized each accounting period as the contract progresses to completion (using the input or output methods such as cost-to-
Revenue from fixed price construction contracts is recognised on the percentage of completion method, measured by reference to the percentage of labour hours incurred upto the reporting date to estimated total labour hours for each contract.
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.