Guideline on Contractors Payment Rights, Obligations and Responsibilities

Topics:
Construction Services and Home Improvement
Tags:
Contractor,
Finance,
Operational Accounting,
Payment
Source:
Associated General Contractors (AGC) of America

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Overview: One of the most important aspects of the construction process is timely and complete payment for work accomplished. At times, contractors fail to do adequate due diligence in determining the terms and conditions for payment. In addition, many contractors do not understand their rights to determine whether or not an owner, under contract with a general or prime contractor, has the ability to fund the construction project. The responsibility of the contractors and subcontractors is to understand the payment terms and conditions of their contracts, confirm the owner's ability to pay for services provided. This paper presents a checklist that assists in understanding the payment entitlements and obligations.

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Format: PDF | Size: 102KB | Date: Oct 2003 | Pages: 2

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