Construction Accounting and Why It’s Unique
Viewpoint Construction Technology
JULY 19, 2023
Construction accounting is a unique practice that includes revenue recognition, job costing, construction billing, contract retainage, and more.
Alliance Contracting in Construction
Job Order Contracting
JUNE 7, 2023
Alliance Contracting in Construction provides a real opportunity for the consistent delivery of quality repair, renovation, maintenance, and new build project on time and on budget. Alliance participants commit to work together to achieve the successful delivery of the project throughout the duration of the contract.
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Best Value JOB ORDER CONTRACTING
Job Order Contracting
AUGUST 22, 2023
Characteristics of Best Value JOB ORDER CONTRACTING… Real proper owner capability, leadership, commitment, and accountability Integrated internal and external planning, procurement, and project delivery teams within a standardized programmatic process Clear set of objectives and workflows for the all aspects of the programmatic process – (..)
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The Importance of Accounting Estimates in an Uncertain Economy
Construction Business Owner
MAY 16, 2023
The Importance of Accounting Estimates in an Uncertain Economy ccapoccia Tue, 05/16/2023 - 13:49 “A journey of a thousand miles begins with a single step,” was the saying of Lao Tzu, an ancient Chinese philosopher. The constant monitoring of these various indicators will ultimately be what separates success from failure in a contract.
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Relationship-based Job Order Contracting
Job Order Contracting
AUGUST 15, 2023
Mechanism for sharing risks and benefits Sustainable Facilities Management [contact-form] The post Relationship-based Job Order Contracting appeared first on 4BT.
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Alliance Contracting Key Aspects
Job Order Contracting
SEPTEMBER 11, 2023
Below is a summary of Alliance Contracting Key Aspects The fundamentals of alliance contracting are not new. Alliance Contracting / Alliance Partnering in Construction, when properly designed, implemented, and managed, drives innovation, collaboration, and best value outcomes for all parties.
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Government vetoes project bank account proposal
Construction Enquirer
JUNE 16, 2023
The Government has blocked an attempt to amend the planned Procurement Bill to include mandatory project bank accounts for all jobs valued at over £2m. “Government Departments have made a commitment to use PBAs in construction projects unless there are compelling reasons not to do so. ” .
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2023 Collaborative Job Order Contracting
Job Order Contracting
MAY 16, 2023
2023 Collaborative Job Order Contracting is far superior to “traditional” JOC Program approaches. Owners must provide leadership and accountability and not excessively rely upon “JOC consultants” #2. Looking to improve how your teams work together? In many instances, this has simply not been the case. #1.
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What are Preliminaries in Construction Contracts?
Lets Build
MAY 11, 2022
Most construction companies, project managers , and contractors will deal with preliminaries in their construction contracts. These preliminaries, also called prelims, cover costs for an entire construction project—not for specific work sections or activities. What do preliminaries in construction mean?
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Comprehensive job order contracting (JOC) system implementation and support services
Job Order Contracting
SEPTEMBER 15, 2022
Comprehensive job order contracting (JOC) system implementation and support services are now available without excessive fees with the 4BT-PEP OpenJOC(TM) Job Order Contracting Knowledge Information Solution. Ensure contractors do not inflate or negotiate price proposals to account for bidding adjustment factors too low.
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Public Procurement of Construction Services
Job Order Contracting
MARCH 28, 2024
Public procurement of construction services could be improved through the adoption of currently available best management practices. How Organizational integration and alignment of cultural, professional, management, and commercial interests is also required, both internally and with construction services providers.
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Low carbon incentives to be included in contracts
Construction Law
MAY 3, 2024
Six of the UK’s biggest infrastructure companies have signed a pledge to decarbonise the construction sector by eliminating the most carbon intensive construction products from their projects. Signatories agree to procure for low carbon construction and provide incentives in their contracts. See the panel to the right.
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Considering a Job Order Contract?
Job Order Contracting
FEBRUARY 3, 2022
Here are a few items for review when organizations are considering a job order contract or hoping to improve one. Contracts and individual Projects/Work Orders within JOC should have established dollar limits. This will create a level of oversight and accountability at all levels of the program. appeared first on 4BT.
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4BT Job Order Contracting Solution Benefits
Job Order Contracting
JULY 11, 2023
There are clear 4BT Job Order Contracting Solution benefits when compared to traditional tools and methods. Simplified JOC Program Management: Within the 4BT JOC Solution there is a single point of accountability and communication throughout the entire project.
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JOC Program PRODUCTIVITY IMPROVEMENT – It’s all about empowerment and accountability
Job Order Contracting
SEPTEMBER 7, 2023
Local market, current , and granular construction task data organized via expanded CSI MasterFormat. Efficient planning, procurement, and project delivery are intertwined and invovled real property owners and services providers. Note: Do not use location or economic factoring.)
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Army Job Order Contracts FAIL to meet AFARS requirements MOST OF THE TIME
Job Order Contracting
FEBRUARY 20, 2023
Army Job Order Contracts fail to meet critical AFARS requirements most of the time. The J OCPB (JOC Price Book: reflects the current local costs in detail for construction tasks expected to be performed in the geographical area of the base contract with the primary use of developing a detailed line-item price.
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Robust Process Drives Efficient Construction Delivery
Job Order Contracting
JUNE 28, 2023
2 Long term mutually beneficial contracts between Owners and Service Providers (i.e. 3 Granular line item locally researched construction cost data organized using expanded CSI MasterFormat, and updated quarterly. #4 contact-form] The post Robust Process Drives Efficient Construction Delivery appeared first on 4BT.
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JCT Contract Administration forms released
Construction Law
NOVEMBER 24, 2023
JCT has released Construction Administration Model Forms for use with the 2016 edition of its Standard Building Contract, Design and Build Contract, and Intermediate Building Contract families. Subscribers to the printed magazine get access to the entire Construction law website. See the panel to the right.
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8 Main Types of Construction Contracts
Autodesk Construction Cloud
SEPTEMBER 1, 2022
A contract’s a contract, right? There are many construction contract types out there. The construction industry uses different kinds of agreements depending on the project’s scope, delivery, schedule, budget, and the parties involved. design and build contract. guaranteed maximum price contract.
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Accounting for Retention Receivable & Payable: A Contractor’s Guide
Levelset
JUNE 6, 2022
Construction projects rely on contractors completing the work they started and meeting the design intent. In an attempt to hold contractors accountable, many projects use retention holdbacks, also known as retainage. These holdbacks need to be accounted for by every party to a project: owner, general contractor, and subcontractor.
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A Practical Guide to Construction Accounting Software
Autodesk Construction Cloud
AUGUST 12, 2021
Construction accounting software is a must-have, but may seem daunting to implement new solutions if your accounting technology hasn’t kept up with the complexities of your growing business. No stranger to disruption, the construction industry is experiencing higher levels of digitization than ever before.
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Cost plus contracts under scrutiny for raising HS2 costs
Construction Law
JANUARY 11, 2024
The use of cost plus contracts for civil engineering on Phase 1 HS2 has been condemned by Sir Jon Thompson, the Chair and Acting Chief Executive of HS2 Ltd. To read more of this and every other news story on this site, please log in with your Construction Law membership account details. See the panel to the right.
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Evolving risks and artificial intelligence to impact on standard contracts, says survey
Construction Law
MAY 23, 2024
The biggest source of disputes relating to construction projects remains project delays, payment issues, and scope of work, according to the latest International Construction Study from CMS and YouGov. To read more of this and every other news story on this site, please log in with your Construction Law membership account details.
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Job Order Contracting 2021 and Beyond
Job Order Contracting
NOVEMBER 17, 2020
Job Order Contracting 2021 is a competitively bid, firm, fixed-price, indefinite quantity contract, and integrated planning, procurement, and project delivery program for as-needed construction services. Job Order Contracts should ALWAYS be awarded upon best value, however, and not lowest costs. may also be required.
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The role of procurement in measurably improving construction productivity
Job Order Contracting
SEPTEMBER 7, 2022
The role of procurement in measurably improving construction productivity is clear. A robust tool is Job Order Contracting (JOC). The role of procurement in measurably improving construction productivity is critical to achieving best value outcomes. Cost visibility, transparency, and accountability are virtually nonexistent.
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Cost plus contracts under scrutiny for raising HS2 costs
Construction Law
FEBRUARY 1, 2024
The use of Cost-Plus contracts for civil engineering on Phase 1 HS2 has been condemned by Sir Jon Thompson, the Chair and Acting Chief Executive of HS2 Ltd. To read more of this and every other news story on this site, please log in with your Construction Law membership account details. See the panel to the right.
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#130: Secured Lenders' Rights to Construction Contract Payments
NH Construction Law
OCTOBER 22, 2023
It happens this way: A contractor or subcontractor borrows money from a lender, and as security for the loan it gives the lender an assignment of or lien on its receivables and contract rights. Suffolk Construction Co. , Any subsequent square-up was between lender and borrower, and not the account debtor’s concern.
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How to Efficiently Manage Dynamic Projects – The Solution to FM and Construction Waste
Job Order Contracting
FEBRUARY 26, 2024
Learning how to effciently manage dynamic project is the first step toward solving FM and construction waste. Image Source: Leyla Acaroglu ([link] The lack of system thinking across the FM and construction sector is a primary cause of rampant economic and environmental waste. A common data environment (CDE) inclusive of 1.
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JOC Coefficients Less than 1.0
Job Order Contracting
APRIL 4, 2024
A Job Order Contract (JOC) coefficient refers to a multiplier that is used to adjust the prices in a JOC contract. Coefficient : The coefficient in a JOC is a factor that adjusts the unit prices established in the contract. It should be used to account for contractor overhead and profit. JOC Coefficients less than 1.0
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The Better Job Order Contracting Solution – It’s that simple…
Job Order Contracting
DECEMBER 11, 2019
LEAN Job Order Contracting, JOC, is the better solution in terms of cost and best value outcomes. LEAN JOC 4BT OpenJOC(TM) Job Order Contracting successfully integrates People, Process, Information, and Technology with a low cost solution. LEAN process and common data are tailored to individual owner needs.
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Safety First, Bidding Next: How Safety & Compliance Wins Contracts
Safety Services Company
DECEMBER 1, 2023
Two contractors working for a construction firm bid for projects in the same city —we’ll call them Mark and Bob. Bob has entirely surpassed Mark’s business in recent years and consistently lands contract after contract. Bob has entirely surpassed Mark’s business in recent years and consistently lands contract after contract.
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HS2 contracts come under tighter government scrutiny
Construction Law
DECEMBER 1, 2023
Cost plus contracts are expected to come under a harsh spotlight in a review of HS2’s soaring costs to be carried out by cost consultants Gardiner & Theobald (G&T). Meanwhile, HS2 contract awards and changes will come under increased government scrutiny, according to rail and HS2 minister Huw Merriman.
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Construction Accounting Software Selection is Strategic
Carol Hagen
MAY 2, 2012
Is this Your Construction Accounting Software Selection Process? Choosing a Construction Accounting Software Solution can be a daunting task. Whether you’re a general contractor, highway heavy or specialty trade contracting firm it’s not just features or functions that drive your decision.
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National Highways details new Transformation Delivery Partner contract
Construction Law
FEBRUARY 1, 2024
National Highways has published a Contract Notice for a transformation delivery partner to “provide a centralised vehicle for transformation and change” to deliver efficiency targets in capital and operational spending during its third Roads Investment Strategy period (RIS3) from 2025 to 2030. See the panel to the right.
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Controlling Construction Costs, Rocket Science, and Time Travel
Job Order Contracting
AUGUST 17, 2023
Controlling construction costs is not rocket science, nor does it involve time travel. Any real property owner can control construction costs for facilities repair, renovation, maintenance, and new build projects. Consistently delivering quality projects on time and on budget simply requires leadership, accountability, and commitment.
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Common Types of Construction Contracts And Their Use
cnstrctr
JANUARY 4, 2020
Construction projects are a conglomeration of various parties that all need to work together. A construction contract is a tool that you can use to help outline these requirements. What exactly is a construction contract, how can it be used and what are the different types? Construction Contract Types.
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Queensland’s Project Trust Account: Why digitalisation could ease its impact on builders
Autodesk Construction Cloud
JULY 21, 2023
The global average value of construction disputes was $52.6 million, according to Arcadis’ 2022 Global Construction Disputes Report. This fact, coupled with what we have witnessed playing out in the Australian press recently, there is no doubt construction disputes can have some devastating effects for all involved.
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Validity of a Construction Cost Estimate – Public Sector
Job Order Contracting
MAY 4, 2023
The validity of a construction cost estimate, the most important aspect, is often overlooked and resulting in billions of dollars was every year. A construction cost estimate must be independently validated. Key Principles There are key principles that should be adhered to when preparing a construction cost estimate.
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New terms and conditions to be used on A9 dualling contract
Construction Law
APRIL 18, 2024
To read more of this and every other news story on this site, please log in with your Construction Law membership account details. If you don't have an account, you can get free access to the news on this site and receive a free newsletter on Fridays by creating a Newsletter account. See the panel to the right.
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Managing Accounts Receivable in QB: QuickBooks for Contractors
Levelset
FEBRUARY 11, 2022
The construction industry runs on credit. Contracts are almost never paid up front, so contractors provide labor, materials, and equipment on credit with their customers. As a result, every construction business records transactions to Accounts Receivable (A/R) until they actually receive payment.
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The 2 Primary Factors Impacting Construction Outcomes in the Public Sector
Job Order Contracting
MAY 6, 2022
The 2 primary factors impacting construction outcomes in the public sector are, #1 Owner leadership, commitment, and competence, and. #2 2 Construction delivery method. Most of us are aware of the rampant, economic, and environmental waste endemic to public sector facilities repair, renovation, maintenance, and new construction.
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Construction Project Delivery Leadership – Public Sector
Job Order Contracting
SEPTEMBER 2, 2022
Greater focus is required upon Construction Project Delivery Leadership in the public sector. Until information is shared in the above manner there can be no significant improvement of the extreme levels of waste associated with architecture, engineering, construction, or operations of the build environment. NEXT STEPS.
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Key Drivers To Improve Construction Profitability And Cash Flow
Contractor Bookkeeping
DECEMBER 9, 2022
Enlightened contractors like you understand the value of developing your own unique Construction Contracting System, a collection of documented repeatable processes and operation manuals. The key is continuously refining your construction company's practices and procedures.
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National Highways releases details of new Transformation Delivery Partner contract
Construction Law
JANUARY 4, 2024
National Highways has published a Contract Notice for a transformation delivery partner to “provide a centralised vehicle for transformation and change” to deliver efficiency targets in capital and operational spending during its third Roads Investment Strategy period (RIS3) from 2025 to 2030. See the panel to the right.
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