Last updated: May 21, 2020
Published: Nov 29, 2017
Reading time: < 1
Recommended for you
Conditional vs. Unconditional Lien Waivers: The Difference & Why It Matters
Unconditional vs. conditional lien waivers: which type of lien waiver should you use on your construction projects and jobs? We...
What is Overbilling? | Construction Industry Accounting
Overbilling occurs when a contractor bills for contracted labor and materials prior to that work actually being completed. For example,...
Construction Punch Lists Explained
Punch list work might seem minor, but it has an improportionate impact on payment. Without getting punch work out of...
Lien Waiver vs. Lien Release: What’s the Difference?
Lien waivers and lien releases are completely different documents (even though they are often confused by the construction industry). Read...
The Ultimate Guide to Retainage in the Construction Industry
The practice of retainage, aka retention, has a tremendous impact on the construction industry. Learn how retainage works on different...
Construction Contracts: Pros and Cons of a Cost-Plus Contract
What is a cost-plus contract and how is it used in the construction industry? This type of contract is also...
What Is a Work in Progress Schedule? | Construction Accounting
The Work In Progress (WIP) schedule is an accounting schedule that's a component of a company's balance sheet. It's calculated...
What Is a Notice of Completion?
What is a Notice of Completion? As anyone reading this surely knows, the construction industry loves its documents! There's a...