Executive Summary There are basic differences between cash and accrual accounting. Here’s a quick review. What is Accounting? Sounds simple, right? It’s just keeping track of money in a business. And money only does one of two things – it either goes in the bank...
You can find Part 1 here. Let’s run through an example. Let’s do an example so you see some of the challenges. Let’s take one cost code in your budget – let’s look at roadway subgrade. Below we have the budget for this cost. You can see the cost code is “1001” and...
Executive summary. Field overhead carries different names with different contractors and owners. Discussed here is what field overhead is, and why it’s important for owners to understand. Project estimation. When a construction project is estimated, a good estimate...
Executive Summary A construction claim is a dispute in the Work as it was contemplated in the original construction documents. However, a large percentage of what drives a claim is not the Contract. It’s the people. It’s personalities. The Spark Losing money. That’s...
Executive summary. Most traditional bond rates have two variables in their cost: the contract value and the time threshold. Do not forget to include both in time extension negotiations. What’s in a bond rate? The bond rate from your surety agent comes in two parts:...
Executive summary. Most Project Owners are convinced that Contractors thrive on change orders. The truth is that most would prefer to have none. Read below a sort of open letter to Owners. Speed. I feel the need, the need for speed [QR]. Mr. Owner, when I signed this...