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  2. Schedule of values - Wikipedia

    en.wikipedia.org/wiki/Schedule_of_values

    The balance to finish is then calculated by subtracting the total completed to date from the original line item total. The Architect or Owner’s representative will then review and approve the amount due to the contractor during that pay period. A template that can be used for a typical SOV is the ConsensusDocs 293 - Schedule of Values. [2]

  3. Time and materials - Wikipedia

    en.wikipedia.org/wiki/Time_and_materials

    Time and materials (T&M) is a standard phrase in a contract for construction, product development or any other piece of work in which the employer agrees to pay the contractor based upon the time spent by the contractor's employees and subcontractors employees to perform the work, and for materials used in the construction (plus the contractor's mark up on the materials used), no matter how ...

  4. Independent contracting in the United States - Wikipedia

    en.wikipedia.org/wiki/Independent_contracting_in...

    The distinction between independent contractor and employee is an important one in the United States, as the costs for business owners to maintain employees are significantly higher than the costs associated with hiring independent contractors, due to federal and state requirements for employers to pay FICA (Social Security and Medicare taxes) and unemployment taxes on received income for ...

  5. Where's my paycheck? How pay periods break down by industry - AOL

    www.aol.com/wheres-paycheck-pay-periods-break...

    Biweekly pay periods dominate, but some industries stand out. The standard U.S. payday schedule formats are weekly, biweekly, semimonthly, and monthly.

  6. Punch list - Wikipedia

    en.wikipedia.org/wiki/Punch_list

    Punch list. A punch list is a document prepared during key milestones or near the end of a construction project listing works that do not conform to contract drawings and specifications that the general contractor must correct prior to final payment. [1] The work may include incomplete or incorrect installations or incidental damage to existing ...

  7. Construction management - Wikipedia

    en.wikipedia.org/wiki/Construction_management

    A contractor progress payment schedule is a schedule of when (according to project milestones or specified dates) contractors and suppliers will be paid for the current progress of installed work. Progress payments or interim payments are partial payments for work completed during a portion of a construction period, usually a month. Progress ...

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