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  2. Lien waiver - Wikipedia

    en.wikipedia.org/wiki/Lien_waiver

    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.

  3. Construction management - Wikipedia

    en.wikipedia.org/wiki/Construction_management

    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 ...

  4. Security of payment - Wikipedia

    en.wikipedia.org/wiki/Security_of_payment

    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.

  5. Payment - Wikipedia

    en.wikipedia.org/wiki/Payment

    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 ...

  6. 2013 Philadelphia building collapse - Wikipedia

    en.wikipedia.org/wiki/2013_Philadelphia_building...

    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 ...

  7. Lump sum contract - Wikipedia

    en.wikipedia.org/wiki/Lump_sum_contract

    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.

  8. Glossary of construction cost estimating - Wikipedia

    en.wikipedia.org/wiki/Glossary_of_construction...

    A Allocation of costs is the transfer of costs from one cost item to one or more other cost items. Allowance - a value in an estimate to cover the cost of known but not yet fully defined work. As-sold estimate - the estimate which matches the agreed items and price for the project scope. B Basis of estimate (BOE) - a document which describes the scope basis, pricing basis, methods ...

  9. Percentage-of-completion method - Wikipedia

    en.wikipedia.org/wiki/Percentage-of-Completion...

    The accounting for long term contracts using the percentage of completion method is an exception to the basic realization principle. This method is used wherein the revenues are determined based on the costs incurred so far. The percentage of completion method is used when: Measure progress toward completion.