Financial Close

A structured process where completed sections of a project are formally transferred to the client in stages rather than all at once. Each phase triggers its own inspection, sign-off, and often a progress payment. Subcontractors must track completion milestones carefully to avoid billing delays.

A contract provision that allows your rates or pricing to increase if specific costs rise, such as fuel, labour, or materials. It protects subcontractors from absorbing unexpected cost spikes during long-term projects. Always verify trigger conditions and notice requirements before signing.

A document listing agreed-upon rates for various services, equipment, and materials between an operator and contractor. Field tickets are validated against the price book before approval.

Contracts that lock in a future price for North Sea crude oil, used as a global benchmark. When Brent prices drop, operators often cut budgets and delay projects, directly reducing subcontractor workloads. Tracking Brent futures helps field service companies anticipate slowdowns and plan their crews and bids accordingly.

A pricing model where work is billed per unit completed (per meter drilled, per cubic meter hauled, per joint welded, etc.).

The difference between your current assets and current liabilities — essentially the cash available to keep operations running. For subcontractors, it covers payroll, fuel, and equipment costs while awaiting client payment. Tight working capital is a common risk when payment terms stretch 60–90 days.

What Happens to Subcontractor Billing When a Project Stalls, Goes Over Budget, or Never Gets Commissioned

You did the work. The project was cancelled, shelved, or never activated. Here is what subcontractors need to know about billing rights, legal remedies, and how to get paid when no one wants to discuss the invoice.

Post-Completion Warranty and Punch Work: Protecting Your Margins After the Job Ends

Warranty walks, punch lists, and post-completion callbacks eat into subcontractor margins. Learn how MSA warranty clauses work, when you can push back on mobilization costs, and how to document your way out of disputes.

Mechanic's Lien Rights for Subcontractors: What to Do When You're Not Getting Paid

A practical guide to mechanic's lien and materialman's lien rights for oilfield and construction subcontractors in Texas, Oklahoma, and Alberta — deadlines, filing steps, and leverage tactics.