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Accounting for Retention Receivable & Payable: A Contractor’s Guide

Levelset

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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Queensland’s Project Trust Account: Why digitalisation could ease its impact on builders

Autodesk Construction Cloud

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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Is Your Construction Team Prepared for Cyber Risks?

Pro Builder

Is Your Construction Team Prepared for Cyber Risks? A cyber loss involving employee and customer information can affect any business, and your construction team is no exception. The account would then divert funds to the criminal instead. . Mon, 12/07/2020 - 06:00. Proactive Safety Measures for Cyberattacks.

Risk 92
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How COP27 Impacts Real Estate: Pricing Real Estate Climate Risk

Stok

Regarding real estate specifically, the latest Global Status Report released by UNEP this week found that built environment energy consumption has increased beyond pre-pandemic peak levels by 2%, calling for an urgent increase in energy efficiency in both new construction and existing buildings.

Risk 52
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Security in Your Construction Software

Viewpoint Construction Technology

Always a priority of any IT platform, security and data privacy is just as important in the construction industry as they are in banking. While financial information may not be as in-depth, our industry works on billion-dollar projects, with large amounts of money and account numbers changing hands on any given day.

Security 186
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4 Factors Underwriters Consider When Issuing a Construction Bond

Levelset

To grow a construction business, contractors often pursue larger projects. However, larger projects come with greater risks and additional challenges. Large, multi-year projects are also more likely to face risks from potential economic changes, supply chain issues, and other unforeseen pressures that can threaten them.

Risk 52
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5 Ways to Improve Cash Flow in Your Construction Business

Levelset

In the construction industry, starting a new project means encountering automatic, upfront costs. Getting paid in a timely manner is another challenge for specialty contractors since the average payment collection time for the construction industry is around 90 days. Establish consistent accounting procedures. Invoice regularly.