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A bond claim in the construction industry, also known as a construction bond claim, is a demand for payment by a subcontractor, supplier, or laborer who has not received due compensation for completed work on a construction project. This is often linked to a surety bond, which is a type of construction bond that works to ensure that subcontractors and suppliers get paid. This claim aims to reduce financial risks, securing parties involved against potential contract defaults or failures. For example, if a general contractor fails to pay a subcontractor for their provided services, the subcontractor can file a bond claim against the contractor's surety bond to recover their funds. It is a legal recourse that assures fair payment and ethical business practices within construction projects.

A deduction in the construction industry refers to a reduction or subtraction of expenses or costs incurred during a construction project. Typical deductions may include costs of materials, labor, damage repairs or maintenance, and professional fees such as architect or engineer services. It is essential for construction businesses to keep track of these expenses as they can be beneficially used for tax deduction purposes. The aim is to lower the overall taxable income, resulting in a reduced tax bill. However, it is crucial to ensure that all deductions comply with laws and regulations to prevent any potential legal implications.

A General Ledger (G/L) in the construction industry is a fundamental financial tool for recording all financial transactions of a construction company including assets, liabilities, equity, revenue, and expenses. It not only reflects every financial transaction related to a construction project, but also contains crucial details such as date, description, and transaction amount. Essentially, the G/L acts as the core of a construction company's financial record system where all transaction data from sub-ledgers or modules, such as accounts payable, accounts receivable, and cash management, are consolidated. It provides a comprehensive financial picture necessary for reporting and strategic decision-making in the construction business. By regularly maintaining and auditing the G/L, construction companies can ensure financial accuracy and compliance, as well as evaluate their financial performance and stability.