If you are a small business owner dealing with past due accounts receivable, or if you are having trouble paying your monthly bills and are receiving notices from creditors, you should acquaint yourself with the collection process. This article will provide a summary of that process. The narrative will be from the creditor’s perspective, but it will be equally helpful to debtors.
If you are a trustee responsible for the administration of a trust after the passing of a loved one, you have a fiduciary duty to act in the best interest of the beneficiaries of the trust, within the limitations and instructions laid out by the trust document.
This article explains the basics of “Guaranteed Maximum Price” construction contracts, including an explanation of contingencies and allowances, two common components of these types of contracts. For a broader discussion on general contractor agreements, check out our article: General Contractor Agreements Explained.
In that article, we describe different types of pricing structures that can be used in general contractor agreements. One of the most common price structures is for the owner to pay the contractor the cost of work plus the contractor’s fee.
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