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Project Bank Account
A project bank account is a means of paying sub-contractors in a construction project directly from the funds made available by the construction client instead of from the earnings or funds of the prime contractor. The UK Government promotes the use of project bank accounts (PBAs) in major construction projects. UK Government guidance describes a PBA as "a ring-fenced bank account from which payments are made directly and simultaneously to a lead contractor and members of the supply chain. Through faster payments, those lower down the supply chain benefit from that cash-flow". John M. Stevens, Director of Dodd Group, an electrical and mechanical services sub-contractor, reflects that "without doubt this has to be the way forward for our industry if the current payment culture is to be eradicated". PBAs help eliminate the excuses for late or reduced payment, the burdens on overhead costs and the programme delays as a result of disputes and resultant insolvencies, which often res ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Sub-contractor
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] |
Construction Project
Construction is a general term meaning the art and science to form objects, systems, or organizations,"Construction" def. 1.a. 1.b. and 1.c. ''Oxford English Dictionary'' Second Edition on CD-ROM (v. 4.0) Oxford University Press 2009 and comes from Latin ''constructio'' (from ''com-'' "together" and ''struere'' "to pile up") and Old French ''construction''. To construct is the verb: the act of building, and the noun is construction: how something is built, the nature of its structure. In its most widely used context, construction covers the processes involved in delivering buildings, infrastructure, industrial facilities and associated activities through to the end of their life. It typically starts with planning, financing, and design, and continues until the asset is built and ready for use; construction also covers repairs and maintenance work, any works to expand, extend and improve the asset, and its eventual demolition, dismantling or decommissioning. The construction i ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Prime 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, gen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elizabeth Line Construction At Moorgate
Elizabeth or Elisabeth may refer to: People * Elizabeth (given name), a female given name (including people with that name) * Elizabeth (biblical figure), mother of John the Baptist Ships * HMS ''Elizabeth'', several ships * ''Elisabeth'' (schooner), several ships * ''Elizabeth'' (freighter), an American freighter that was wrecked off New York harbor in 1850; see Places Australia * City of Elizabeth ** Elizabeth, South Australia * Elizabeth Reef, a coral reef in the Tasman Sea United States * Elizabeth, Arkansas * Elizabeth, Colorado * Elizabeth, Georgia * Elizabeth, Illinois * Elizabeth, Indiana * Hopkinsville, Kentucky, originally known as Elizabeth * Elizabeth, Louisiana * Elizabeth Islands, Massachusetts * Elizabeth, Minnesota * Elizabeth, New Jersey, largest city with the name in the U.S. * Elizabeth City, North Carolina * Elizabeth (Charlotte neighborhood), North Carolina * Elizabeth, Pennsylvania * Elizabeth Township, Pennsylvania (other) * Elizabeth, West Vi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK Government
ga, Rialtas a Shoilse gd, Riaghaltas a Mhòrachd , image = HM Government logo.svg , image_size = 220px , image2 = Royal Coat of Arms of the United Kingdom (HM Government).svg , image_size2 = 180px , caption = Royal Arms , date_established = , state = United Kingdom , address = 10 Downing Street, London , leader_title = Prime Minister (Rishi Sunak) , appointed = Monarch of the United Kingdom (Charles III) , budget = 882 billion , main_organ = Cabinet of the United Kingdom , ministries = 23 ministerial departments, 20 non-ministerial departments , responsible = Parliament of the United Kingdom , url = The Government of the United Kingdom (commonly referred to as British Government or UK Government), officially His Majesty's Government (abbreviated to HM Government), is the central executive authority of the United Kingdom of Great Britain and Northern Ireland. [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Payment
A payment is the voluntary tender of money or its equivalent or of things of value by one party (such as a person or company) to another in exchange for goods, or services provided by them, or to fulfill a legal obligation. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Payments can be effected in a number of ways, for example: * the use of money, cheque, or debit, credit, or bank transfers, whether through mobile payment or otherwise * the transfer of anything of value, such as stock, or using barter, the exchange of one good or service for another. In general, payees are at liberty to determine what method of payment they will accept; though normally laws require the payer to accept the country's legal tender up to a prescribed limit. Payment is most commonly effected in the local currency of the payee unless the parties agree otherwise. Payment in another currency involves an additional foreign exchange transactio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Late Payment
Late may refer to: * LATE, an acronym which could stand for: ** Limbic-predominant age-related TDP-43 encephalopathy, a proposed form of dementia ** Local-authority trading enterprise, a New Zealand business law ** Local average treatment effect, a concept in econometrics Music * ''Late'' (album), a 2000 album by The 77s * Late!, a pseudonym used by Dave Grohl on his ''Pocketwatch'' album * Late (rapper), an underground rapper from Wolverhampton * "Late" (song), a song by Blue Angel * "Late", a song by Kanye West from ''Late Registration'' Other * Late (Tonga), an uninhabited volcanic island southwest of Vavau in the kingdom of Tonga * "Late" (''The Handmaid's Tale''), a television episode * LaTe, Oy Laivateollisuus Ab, a defunct shipbuilding company * Late may refer to a person who is Dead See also * * * ''Lates'', a genus of fish in the lates perch family * Later (other) * Tardiness * Tardiness (scheduling) In scheduling, tardiness is a measure of a delay in exe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Insolvency
In accounting, insolvency is the state of being unable to pay the debts, by a person or company ( debtor), at maturity; those in a state of insolvency are said to be ''insolvent''. There are two forms: cash-flow insolvency and balance-sheet insolvency. Cash-flow insolvency is when a person or company has enough assets to pay what is owed, but does not have the appropriate form of payment. For example, a person may own a large house and a valuable car, but not have enough liquid assets to pay a debt when it falls due. Cash-flow insolvency can usually be resolved by negotiation. For example, the bill collector may wait until the car is sold and the debtor agrees to pay a penalty. Balance-sheet insolvency is when a person or company does not have enough assets to pay all of their debts. The person or company might enter bankruptcy, but not necessarily. Once a loss is accepted by all parties, negotiation is often able to resolve the situation without bankruptcy. A company t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Small And Medium Sized Enterprises
Small and medium-sized enterprises (SMEs) or small and medium-sized businesses (SMBs) are businesses whose personnel and revenue numbers fall below certain limits. The abbreviation "SME" is used by international organizations such as the World Bank, the European Union, the United Nations, and the World Trade Organization (WTO). In any given national economy, SMEs sometimes outnumber large companies by a wide margin and also employ many more people. For example, Australian SMEs makeup 98% of all Australian businesses, produce one-third of the total GDP (gross domestic product) and employ 4.7 million people. In Chile, in the commercial year 2014, 98.5% of the firms were classified as SMEs. In Tunisia, the self-employed workers alone account for about 28% of the total non-farm employment, and firms with fewer than 100 employees account for about 62% of total employment. The United States' SMEs generate half of all U.S. jobs, but only 40% of GDP. Developing countries tend to have a lar ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Crossrail
Crossrail is a railway construction project mainly in central London. Its aim is to provide a high-frequency hybrid commuter rail and rapid transit system crossing the capital from suburbs on the west to east, by connecting two major railway lines terminating in London: the Great Western Main Line and the Great Eastern Main Line. The project was approved in 2007, and construction began in 2009 on the central section and connections to existing lines that became part of the route, which has been branded the Elizabeth line in honour of Queen Elizabeth II who opened the line on 17 May 2022 during her Platinum Jubilee. The central section of the line between Paddington and Abbey Wood opened on 24 May 2022, with 12 trains per hour. The main feature of the project is the construction of a new railway line that runs underground from Paddington Station to a junction near Whitechapel. There it splits into a branch to , where it joins the Great Eastern Main Line; and a branch to Abbey ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Highways Agency
National Highways, formerly the Highways Agency and later Highways England, is a government-owned company charged with operating, maintaining and improving motorways and major A roads in England. It also sets highways standards used by all four UK administrations, through the Design Manual for Roads and Bridges. Within England, it operates information services through the provision of on-road signage and its Traffic England website, provides traffic officers to deal with incidents on its network, and manages the delivery of improvement schemes to the network. Founded as an executive agency, it was converted into a government-owned company, Highways England, on 1 April 2015. As part of this transition, the UK government set out its vision for the future of the English strategic road network in its Road Investment Strategy. A second Road Investment Strategy was published in March 2020, with the company set to invest £27 billion between 2020 and 2025 to improve the network as d ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ministry Of Defence (United Kingdom)
The Ministry of Defence (MOD or MoD) is the department responsible for implementing the defence policy set by His Majesty's Government, and is the headquarters of the British Armed Forces. The MOD states that its principal objectives are to defend the United Kingdom of Great Britain and Northern Ireland and its interests and to strengthen international peace and stability. The MOD also manages day-to-day running of the armed forces, contingency planning and defence procurement. The expenditure, administration and policy of the MOD are scrutinised by the Defence Select Committee, except for Defence Intelligence which instead falls under the Intelligence and Security Committee of Parliament. History During the 1920s and 1930s, British civil servants and politicians, looking back at the performance of the state during the First World War, concluded that there was a need for greater co-ordination between the three services that made up the armed forces of the United Kingdom: t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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