Levelset

JUNE 6, 2022

It can significantly impact the financial standing of contractors, especially when working on projects with a small profit margin. ABC Contractor is billing a project owner for $100,000 with 10% retention. Debit Credit Bank or cash $90,000 Retention receivable $90,000. Paul’s Masonry invoices ABC $50,000 with 10% retention.

Accounting 98

Accounting ABC Banking Liability 98

Levelset

APRIL 28, 2022

While general contractors commonly use performance bonds to reduce the risk of default, a bond ultimately protects the property owner, not the GC. Some GCs pass the cost of the loss reserve onto the project owner and claim that amount as additional profit on the project. What is subcontractor default insurance?

Insurance 52

Insurance Contractors Claims ABC 52

Autodesk Construction Cloud

JULY 7, 2022

The Associated Builders and Contractors (ABC) estimates the construction sector would need to bring in nearly 650,000 additional workers in 2022 to meet labor demands. As Anirban Basu, ABC Chief Economist said in a statement, “The workforce shortage is the most acute challenge facing the construction industry despite sluggish spending growth.

Software 105

Software Software Management Construction 105