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Subcontract
A subcontractor is an individual or (in many cases) a business that signs a contract to perform part or all of the obligations of another's contract. Put simply the role of a subcontractor is to execute the job they are hired by the contractor for. It is oftentimes a specialized job such as electrical or HVAC and it is the subcontractor's responsibility to execute the work as instructed. A subcontractor (or sub-contractor) is a company or person whom a general contractor, prime contractor or main contractor hires to perform a specific task as part of an overall project and normally pays for services provided to the project. While subcontracting often occurs in building works and in civil engineering, the range of opportunities for subcontractor is much wider and it is possible that the greatest number of subcontractors now operate in the information technology and information sectors of the economy. One hires subcontractors either to reduce costs or to mitigate project risks. I ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Retainage
Retainage is a portion of the agreed upon contract price deliberately withheld until the work is substantially complete to assure that contractor or subcontractor will satisfy its obligations and complete a construction project. A retention is money withheld by one party in a contract to act as security against incomplete or defective works. They have their origin in the British construction industry Railway Mania of the 1840s but are now common across the industry, featuring in the majority of construction contracts. A typical retention rate is 5% of which half is released at completion and half at the end of the defects liability period (often 12 months later). There has been criticism of the practice for leading to uncertainty on payment dates, increasing tensions between parties and putting monies at risk in cases of insolvency. There have been several proposals to replace the practice with alternative systems. History and purpose The practice of retainage dates back to the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
General Contractor
A general contractor, main contractor or prime contractor is responsible for the day-to-day oversight of a construction site, management of vendors and trades, and the communication of information to all involved parties throughout the course of a building project. Description A general contractor is a construction manager employed by a client, usually upon the advice of the project's architect or engineer. Responsible for the overall coordination of a project, general contractors may also act as building designer and foreman (a tradesman in charge of a crew). A general contractor must first assess the project-specific documents (referred to as a bid, proposal, or tender documents). In the case of renovations, a site visit is required to get a better understanding of the project. Depending on the project delivery method, the contractor will submit a fixed price proposal or bid, cost-plus price or an estimate. The general contractor considers the cost of home office overhead, g ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
General Contractor
A general contractor, main contractor or prime contractor is responsible for the day-to-day oversight of a construction site, management of vendors and trades, and the communication of information to all involved parties throughout the course of a building project. Description A general contractor is a construction manager employed by a client, usually upon the advice of the project's architect or engineer. Responsible for the overall coordination of a project, general contractors may also act as building designer and foreman (a tradesman in charge of a crew). A general contractor must first assess the project-specific documents (referred to as a bid, proposal, or tender documents). In the case of renovations, a site visit is required to get a better understanding of the project. Depending on the project delivery method, the contractor will submit a fixed price proposal or bid, cost-plus price or an estimate. The general contractor considers the cost of home office overhead, g ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Business
Business is the practice of making one's living or making money by producing or buying and selling products (such as goods and services). It is also "any activity or enterprise entered into for profit." Having a business name does not separate the business entity from the owner, which means that the owner of the business is responsible and liable for debts incurred by the business. If the business acquires debts, the creditors can go after the owner's personal possessions. A business structure does not allow for corporate tax rates. The proprietor is personally taxed on all income from the business. The term is also often used colloquially (but not by lawyers or by public officials) to refer to a company, such as a corporation or cooperative. Corporations, in contrast with sole proprietors and partnerships, are a separate legal entity and provide limited liability for their owners/members, as well as being subject to corporate tax rates. A corporation is more complicated ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reasonable Time
Reasonable time is that amount of time which is fairly necessary, conveniently, to do whatever is required to be done, as soon as circumstances permit. This phrase is a U.S. legal term that has been a topic of controversy for many years. It is generally used in reference to performing an action or remitting payment, but this is a very vague term which causes litigation problems in many court cases. Uniform Commercial Code section 2-206(2) requires that acceptance of an offer be made within a "reasonable time" if no time is specified: European Union law refers in the Charter of Fundamental Rights of the European Union to: *A right to good administration: :''Every person has the right to have his or her affairs handled impartially, fairly and within a reasonable time by the institutions, bodies, offices and agencies of the Union'' (Article 41) *A right to an effective remedy and to a fair trial: :''Everyone is entitled to a fair and public hearing within a reasonable time by an i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Outsourcing
Outsourcing is an agreement in which one company hires another company to be responsible for a planned or existing activity which otherwise is or could be carried out internally, i.e. in-house, and sometimes involves transferring employees and assets from one firm to another. The term ''outsourcing'', which came from the phrase ''outside resourcing'', originated no later than 1981. The concept, which ''The Economist'' says has "made its presence felt since the time of the Second World War", often involves the contracting of a business process (e.g., payroll processing, claims processing), operational, and/or non-core functions, such as manufacturing, facility management, call center/call center support. The practice of handing over control of public services to private enterprises (privatization), even if conducted on a limited, short-term basis, may also be described as outsourcing. Outsourcing includes both foreign and domestic contracting, and sometimes includes offshorin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Misclassification Of Employees As Independent Contractors
Misclassification of employees as independent contractors is the way in which the United States classifies the problem of false self-employment. It can occur with respect to tax treatment or the Fair Labor Standards Act. The U.S. Government Accountability Office (GAO) reports that the IRS claims to lose millions of dollars in uncollected payroll, social security, Medicare and unemployment insurance taxes because of misclassification of independent contractors by taxpayers. Taxation Employers must report the incomes of employees and independent contractors using the IRS forms W-2 and 1099, respectively. Employers pay various taxes (i.e. Social Security and Medicare taxes, unemployment taxes, etc.) on the wages of a worker that is classified as an employee. These taxes are generally not paid by the employer on the compensation of a worker classified as an independent contractor. Instead, the contractor is responsible for their employer's share of the taxes when paying self-empl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inside Contracting
Inside contracting is the practice of hiring contractors who work inside the proprietor's factory. It replaced the putting out system, where contractors worked in their own facilities. Inside contracting was the system favored by the Springfield and Harper's Ferry Armories. Since the manufacturing system developed in the armories also became popular (the American system of manufacturing), manufacturers in the early 19th century tended to hire people trained in the armories as managers. They brought with them the practice of inside contracting. The manufacturer hired inside contractors and provided materials and machinery. Each inside contractor was expected to hire his own employees and meet certain production and quality goals, but everything else was left to him. As a result, the system rewarded ingenuity, but also rewarded local optimization. For example, it was to the inside contractor's benefit to allow machinery to deteriorate toward the end of his contract since mainte ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Independent Test Organization
An independent test organization is an organization, person, or company that tests products, materials, software, etc. according to agreed requirements. The test organization can be affiliated with the government or universities or can be an independent testing laboratory. They are independent because they are not affiliated with the producer nor the user of the item being tested: no commercial bias is present. These "contract testing" facilities are sometimes called "third party" testing or evaluation facilities. Affiliation of testing organizations Many suppliers or vendors offer some chemical testing, physical testing, and software testing as a free service to customers. It is common for businesses to partner with reputable suppliers: Many suppliers have certified quality management systems such as ISO 9000 or allow customers to conduct technical and quality audits. Data from testing is commonly shared. There is sometimes a risk that supplier testing may tend to be self-servin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Freelance Marketplace
''Freelance'' (sometimes spelled ''free-lance'' or ''free lance''), ''freelancer'', or ''freelance worker'', are terms commonly used for a person who is self-employed and not necessarily committed to a particular employer long-term. Freelance workers are sometimes represented by a company or a temporary agency that resells freelance labor to clients; others work independently or use professional associations or websites to get work. While the term ''independent contractor'' would be used in a different register of English to designate the tax and employment classes of this type of worker, the term "freelancing" is most common in culture and creative industries, and use of this term may indicate participation therein. Fields, professions, and industries where freelancing is predominant include: music, writing, acting, computer programming, web design, graphic design, translating and illustrating, film and video production, and other forms of piece work that some cultural theor ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
False Self-employment
False self-employment is a situation in which somebody registered as self-employed, a freelancer, or a temp is de facto an employee carrying out a professional activity under the authority and subordination of another company. Such false self-employment is often a way to circumvent social welfare and employment legislation, for example by avoiding employer's social security and income tax contributions. While a modern "gig economy" encourages more casual employment practices in the interests of labour flexibility, the extent to which this disguises precarious employment and denial of rights is of growing concern to authorities. There is a grey area of self-employed persons who rely heavily on a single customer while legitimately being independent. Principle A salaried-work relation hidden behind a false pretense of self-employment is in some jurisdictions a violation of and a non‑compliance with labour law. For social security, the falsely self-employed is declared not to be ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elancing
E-lancing, also known as e-labour, is the practice of taking freelancing work through online job-offers. E-lancing websites operate as hubs where employers place tasks, which freelancers from around the world bid for. Some e-lancing websites act as intermediaries for payment, paying the freelancer directly after work is completed, to mitigate the risk of non-payment. The Economist Newspaper Ltd, 2010. "Work in the digital age: a clouded future". ''The Economist'', Volume 395, Number 8682, May 15th-21st 2010. Roto Smeets, Weert (Netherlands). Employers posting work on these websites set the price they are willing to pay for the task proposed. History In 2012, 1.56 million people were freelancers in the United Kingdom, a rise of 11.9% since 2008. Sebastian Trenner of the World Bank wrote in 2012 that online marketplaces were unlikely to produce a significant decrease in skilled unemployment.Trenner, Sebastian Conversely, Karsten Geis of Empirica Capital wrote in 2014 that e-lan ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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