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

Levelset

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. Retention can be withheld on residential or commercial projects and on both public and private projects.

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#134:  30-Day Accountings for Subcontractor/Supplier Mechanic’s Liens

NH Construction Law

” The notices triggering this accounting requirement can be given to the owner before the first labor or materials get furnished ( RSA 447:5 and RSA 447:7 ) or after ( RSA 447:6 ) – but in either event, written monthly updates of the amount owed are required. McGranahan v. Standard Construction Co. , 46, 47 (1957).

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Public Procurement of Construction Services

Job Order Contracting

How Organizational integration and alignment of cultural, professional, management, and commercial interests is also required, both internally and with construction services providers. References: AIA (2007).

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Factors to Know About Crane and Rigging Insurance

Construction Marketing

Rigging insurance, also known as riggers liability insurance, provides cover against property loss or damage when on the hook of cranes. However, standard commercial general liability insurance policies do not cover properties of third parties that were under your control or custody.

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Supply chain owed £3.8m after collapse of London builder

Construction Enquirer

MEC specialised in small to medium projects within the M25 across heritage, residential, commercial, healthcare and schools sectors with revenue peaking at around £23m before covid. Management accounts to December 31 2021 showed a turnover of £17m generating a net profit of £177,000.

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Subcontractor Insurance: 7 Policies Subs Should Consider for Their Business

Levelset

“If something goes wrong, liability could hit the GC’s policy, which dilutes liability insurance limits, negatively impacts their claims history, and forces them to deal with a claim that’s not really their fault.”. General liability insurance. For example, assume you paint residential structures of all types.

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#91:  Liability Insurance for a Subcontractor's Defective Work

NH Construction Law

“May unintentionally faulty subcontractor work that damages an insured’s work product constitute an ‘accident’ under a commercial general liability insurance policy?” When the subcontractor installed the expansion joints in the steam boiler and related piping backwards, the heating system got damaged.