Practical Accounting for General Contractors
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In our eReader you can find the full English version of the book. Read Practical Accounting for General Contractors Online - link to read the book on full screen. Our eReader also allows you to upload and read Pdf, Txt, ePub and fb2 books. In the Mini eReder on the page below you can quickly view all pages of the book - Read Book Practical Accounting for General Contractors
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In this chapter such matters will be discussed as are preliminary to the operation of field accounting.
When a contract is financed by the owner it is usually on the basis of cost plus a fixed fee and the agreement may or may not provide for a percentage of any saving on the original estimate to be paid to the contractor in addition to the fixed fee. The nature of such a contract is defined by its title. The total cost estimated by the contractor's engineer is the basis for the amount of the fe...e. If the contractor performs the work under this cost, in some instances he is rewarded with a bonus of 10 per cent of the saving, while on the other hand, if the cost exceeds that of the estimate on which the contract was awarded, the contractor is subjected to a penalty reducing the fixed fee. This penalty may be the amount of the fixed fee multiplied by the rate of per cent the excess cost shows when divided by the amount of the estimated cost.
For example, if a contract, estimated to cost $1, 000, 000 with a fixed fee of $50, 000 is awarded under the above under- standing, it would be adjusted as follows: FIRST Contract, estimated cost $1, 000, 000 Cost at completion 900, 000 Saving under the estimate 10 per cent 100, 000 Agreed Fee $50, 000 Saving $100, 000 Bonus 10 per cent on above 10, 000 Total Fee to Contractor $60, 000 SECOND Cost at Completion Contract, estimated cost Excess cost over the estimate 10 per cent $ 100, 000 Agreed Fee $50, 000 Penalty 10 per cent of above 5, 000 Net Fee to Contractor $45, 000 152 FIELD ACCOUNTING CONTROL A cost plus fixed fee contract is generally financed by a separate bank account replenished by the owner's funds.
What to read after Practical Accounting for General Contractors?
You can find similar books in the "Read Also" column, or choose other free books by Harris Denison Grant to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
In this chapter such matters will be discussed as are preliminary to the operation of field accounting.
When a contract is financed by the owner it is usually on the basis of cost plus a fixed fee and the agreement may or may not provide for a percentage of any saving on the original estimate to be paid to the contractor in addition to the fixed fee. The nature of such a contract is defined by its title. The total cost estimated by the contractor's engineer is the basis for the amount of the fe...e. If the contractor performs the work under this cost, in some instances he is rewarded with a bonus of 10 per cent of the saving, while on the other hand, if the cost exceeds that of the estimate on which the contract was awarded, the contractor is subjected to a penalty reducing the fixed fee. This penalty may be the amount of the fixed fee multiplied by the rate of per cent the excess cost shows when divided by the amount of the estimated cost.
For example, if a contract, estimated to cost $1, 000, 000 with a fixed fee of $50, 000 is awarded under the above under- standing, it would be adjusted as follows: FIRST Contract, estimated cost $1, 000, 000 Cost at completion 900, 000 Saving under the estimate 10 per cent 100, 000 Agreed Fee $50, 000 Saving $100, 000 Bonus 10 per cent on above 10, 000 Total Fee to Contractor $60, 000 SECOND Cost at Completion Contract, estimated cost Excess cost over the estimate 10 per cent $ 100, 000 Agreed Fee $50, 000 Penalty 10 per cent of above 5, 000 Net Fee to Contractor $45, 000 152 FIELD ACCOUNTING CONTROL A cost plus fixed fee contract is generally financed by a separate bank account replenished by the owner's funds.
What to read after Practical Accounting for General Contractors?
You can find similar books in the "Read Also" column, or choose other free books by Harris Denison Grant to read onlineMoreLess
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