Last updated: Jul 16, 2021
Published: Nov 29, 2017
Reading time: < 1
Recommended for you
Construction Contracts: What Does “Workmanlike Manner” Mean?
Just about every construction contract will require that work be done in a "workmanlike manner." But what exactly does that...
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,...
Do I Have to Sign a Lien Waiver to Get Paid?
Lien waivers are an important part of optimizing construction payment. Property owners and GCs rely on waivers to manage the...
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 Underbilling? | Construction Industry Accounting
Underbilling occurs when a contractor does not bill for all the labor and materials delivered in a billing cycle. It...
What Does ‘Pay-When-Paid’ Mean?
In the construction business, everything comes down to the contract. And that's unfortunate because most of the people who make...
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 Are “Back Charges” in Construction?
Back charges can be tricky if you're not careful! It's incredibly important to prioritize communication and documentation when back charges...