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Q: What method of financing is used when the contractor is paid money before in anticipation of and for the purpose of complete performance?
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Related questions

What is the purpose of performance bond?

a bond issued by a surety company which guarantees the client that if the contractor fails to complete the project in accordance with the terms of the construction agreement, the surety company will either complete the contract itself, or arrange for a client-approved contractor to complete the contract. The surety company will pay the new contractor the amount required to finish the work, minus the unpaid amount under the original contract. However, the surety company is not obligated to pay more than the penal sum or limit of liability stated in the bond.


What is the difference between security deposit and performance guarantee?

Security Deposit is the amount kept by the customer towards the guarantee against completion of a contract.;where as performance guarantee is the guarantee given by the contractor towards performance quality of the executed job/supplied product.Thus requirement of security deposit ends with complete execution of the contract whereas Performance guarantee holds till the period of warranty/defectliabilityis over.


Explain the difference between complete and substantial performance?

Complete performance under a contract is when a party performs exactly as they were supposed to under the contract. Substantial performance is when a party performed but there was a minor deficit in their performance


What is sub contractor?

Just that the costs associated to or with using a subcontractor to complete a project.


What can be done to a construction contractor that does not complete a project over 20k?

law suit


What is sub contractor cost?

Just that the costs associated to or with using a subcontractor to complete a project.


How do you become a Menard's approved carrier?

You will need to visit the Menard's website and complete their Contractor Hauling Form.


What Is partial performance legal?

Generally, complete performance is required to discharge the contract. Anything less is called 'Partial' performance and amounts to a breach of contract.


What is cost of project?

costs that are used to complete the performance of the project


What is tax equity financing?

Tax equity financing has been a reliable source of funding renewable energy projects for the past decade. Tax equity financing is renewable energy financing structure that permits investors to efficiently and economically utilize federal tax benefits generated by the investment available in renewable energy projects. See: w_wTaxEquityFinancing_com for more complete answer.


Are they a difference between a general contractor and a contractor?

general contractors differ in that they are familiar with all aspects of the building process, from vacant land all the way through the processes to complete a home, office building and so forth. a contractor will and can be hired BY a general contractor to accomplish a certain aspect of the process of construction. general contractors can roughly be compared to a general practitioner. a contractor, to a doctor who only specializes in one area of practice


What is recourse for homeowner whose insurance company paid contractor in full and contractor refuses to complete the job as agreed to with the insurance company?

Your contract with the tradesman is between "You and the Contractor", He did not contract with your insurance company. All the insurance company did is agree to pay the bill for you. So you would need to bring your own civil or criminal action against your contractor depending on the circumstances.