Miller Act

A lump-sum payment made to a subcontractor to settle or terminate a contract early. It compensates for remaining work, mobilisation costs, or lost profit margins. Subcontractors should verify buyout terms are clearly written into their agreements before signing.

How closely a submitted bid reflects the actual cost of completing a job. Poor bid accuracy leads to underbilling, cost overruns, or lost contracts. Subcontractors track it to sharpen estimating and protect margins.

Revenue that is earned but never collected due to operational inefficiencies. Common causes include lost field tickets, unbilled equipment hours, forgotten third-party charges, and documentation errors. Industry estimates suggest 1-5% of revenue is lost to leakage in paper-based operations.

The point when a client formally accepts and begins using delivered equipment or a completed scope of work. For subcontractors, this date often triggers final billing milestones or warranty periods. Confirm it in writing to protect your payment rights.

A surety bond guaranteeing that a general contractor will pay its subcontractors, labourers, and material suppliers. If the GC defaults, subcontractors can file a claim against the bond to recover unpaid amounts. It is common on publicly funded construction and pipeline projects.

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.

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