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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 is a Balance Sheet?
A Balance Sheet, in the context of the construction industry, is an essential financial statement that provides a snapshot of a construction business's financial condition at a specific point in time. It summarizes the company’s assets, liabilities, and shareholders' equity, thus helping to reveal the financial health of the company. For instance, assets may comprise structures in progress, equipment, buildings, and land. Liabilities are what the company owes, including loans, accounts payable, and accrued expenses. The difference between the two, when subtracted, indicates the equity of the shareholders. This vital financial document is indispensable in decision-making processes involving potential investments, lending, and credit. By presenting a clear picture of the company's capabilities, the balance sheet also aids in risk-assessment and financial planning.
What is an Unconditional Lien Waiver?
An Unconditional Lien Waiver in the construction industry is a signed document from a contractor, subcontractor, materials supplier, laborer, or other party involved in a construction project, which gives up their right to place a lien on the property unconditionally, typically after they have received full or partial payment for their work or materials. It serves as a guarantee to the property owner that they will not face a lien, or legal claim against their property, for this party's unpaid work or supplies, regardless of whether the party is subsequently paid in full or not.
What is an Estimate?
An estimate in construction is a calculated projection of the costs, time, and resources required to complete a specific project or scope of work. It includes direct costs like labor, materials, and equipment, as well as indirect costs such as overhead, insurance, and profit margins.
Construction estimates serve as the foundation for project planning, budgeting, and decision-making, helping both contractors and clients understand the financial commitment required. Estimates can range from rough preliminary assessments to detailed breakdowns that are often refined as project details become clearer or circumstances change.
Accurate estimating is essential for subcontractors to win profitable work while maintaining healthy margins. Many successful subcontractors develop standardized estimating processes that incorporate historical cost data, current market rates, and lessons learned from previous projects to improve bid accuracy and build credibility with general contractors.
Siteline helps you be strategic with how you bid, letting you easily analyze historic payment and project trends, including seeing your fastest- and slowest-paying clients. If you're curious how Sitleine can help you make calculated bids that will yield the fastest payments and improve overall cash flow, request a demo here.
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