Last updated: Jul 16, 2021
Published: Nov 29, 2017
Reading time: < 1
Recommended for you
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...
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 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,...
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...
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...
Guide to Alternative Dispute Resolution (ADR) in Construction
With a proper dispute resolution clause in place, contractors, subs, and suppliers can avoid taking their disputes into litigation.
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...