by Kurt Clayson | Nov 6, 2024
A contracting method where terms are directly negotiated between the owner and contractor without competitive bidding. by Kurt Clayson | Nov 6, 2024
The process by which parties involved in a construction contract discuss and agree upon terms and conditions, including scope of work, pricing, timelines, and responsibilities, to reach a mutually beneficial agreement. by Kurt Clayson | Nov 6, 2024
Payment terms indicating that the full invoice amount is due within 30, 60, or 90 days from the invoice date. These terms affect cash flow management and are essential in contract agreements between contractors, suppliers, and clients. Communicate payment terms,... by Kurt Clayson | Nov 6, 2024
The financial gain remaining after all expenses, taxes, and costs associated with a construction project or operations have been deducted from total revenue. Net profit indicates the company’s overall profitability and financial health. Track job costs and... by Kurt Clayson | Nov 6, 2024
A notation indicating that specific work or items are excluded from the current contract.