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Lien waiver. In the mechanics lien process, a lien waiver is a document from a contractor, subcontractor, materials supplier, equipment lessor or other party to the construction project (the claimant) stating they have received payment and waive any future lien rights to the property (of the owner) for the amount paid.
A contractor progress payment schedule is a schedule of when (according to project milestones or specified dates) contractors and suppliers will be paid for the current progress of installed work. Progress payments or interim payments are partial payments for work completed during a portion of a construction period, usually a month. Progress ...
Payment. A payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire. The party making the payment is commonly called the payer, while the payee is the party ...
Security of Payment refers to any system designed to ensure that contractors and sub-contractors are paid even in case of dispute. This can involve a system of progress payments, interim arbitration decisions, or a system which legally requires a company to pay an invoice within a set number of days, regardless of whether the company believes they are accurate.
Payments and instalments are made on regular basis which provides the contractor with a reliable cash flow. Management of the contract is a lot easier for the owner. It creates an improved communication and relationship between the design team, contractor, and the owner. Disadvantages. There is a higher risk for the contractor.
On June 5, 2013, a building undergoing demolition collapsed onto the neighbouring Salvation Army Thrift Store at the southeast corner of 22nd and Market streets in Center City Philadelphia, trapping a number of people under the rubble. The store was open and full of shoppers and staff. Six people died and fourteen others were injured in the ...
Here are seven steps to help you manage financial stress during trying times. 1. Prioritize what you can control on discretionary spending. You probably can’t change everything that’s causing ...
The remainder has come from progress payments on long-term launch contracts and development contracts. As of April 2012, NASA had put in about $400–500M of this amount, with most of that as progress payments on launch contracts.