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Self-Perform
What is Self-perform?
Self-perform, in the context of the construction industry, refers to the ability of a construction company to use its own workforce to accomplish certain specific tasks or projects, rather than outsourcing or subcontracting to external teams or entities. By opting to self-perform, the company can have direct control over the quality of work, project timeline, cost management, and overall productivity. For example, a construction firm may choose to self-perform tasks like concrete placement, plumbing, electrical work, and roofing operations, maintaining stringent quality standards all along. However, it is essential for companies undertaking self-perform tasks to have skilled and trained personnel who can efficiently execute the work. To sum up, self-perform allows construction firms to maintain better control over the project while potentially saving costs and enhancing efficiency.
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Other construction terms
What are Back Charges?
Back Charges are bills sent to subcontractors or vendors for unforeseen work that a general contractor or project manager had to complete on their behalf within the construction industry. This generally occurs when the subcontractor or vendor fails to complete their work scope to the specified standards, misses deadlines, or omits parts of their contracted responsibilities, and someone else must step in to rectify the issue. Therefore, the party who had to complete or redo the work sends 'back charges' to the original contractor, expecting reimbursement for labor, services, materials, or other costs involved in the completion of the task. They serve as a form of financial protection for the companies against contractual breaches in the construction projects.
What are Current Liabilities?
Current Liabilities are financial obligations or debts that a construction company has to settle within a short-term period, typically within a year. These usually include suppliers' payments for building materials, salaries and wages for construction workers, short-term loans for immediate project needs, interest payments on construction loans and taxes. These might also consist of project-related accrued expenses, or money that the company owes but has not been billed for yet, such as utilities. It's critical for businesses running construction projects to properly manage their Current Liabilities to ensure financial stability and the smooth completion of projects. The ability to meet these short-term financial obligations is a key indicator of the financial health of a construction company.
What are Preliminary Notices?
Preliminary Notices are legal documents that are commonly used in the construction industry. These notices are also known as pre-lien notices or notices to owner. They are typically sent at the beginning of a construction project by the subcontractors, suppliers, or equipment renters, essentially anyone who does not have a direct contractual relationship with the property owner. The main purpose of these notices is to inform the property owner, general contractors, or other party with financial interest in the property, of the sender's involvement in the project and their right to file a lien in the event they are not paid for the services or materials provided. It's an essential step in securing one's right to payment. Moreover, Preliminary Notices serve as a professional way to maintain transparency and communication in construction projects and promote smoother and more prompt payments.
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