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Sectional completion refers to a provision within a construction contract which allows different completion dates for different sections of the works. This is common in larger projects which are completed in stages, allowing the client to take possession of the completed parts whilst construction continues on others. [26]
The master service agreement serves as a master contract governing the terms over potentially multiple SOWs. Sometimes it refers to scope of work. For instance, if a project is done on contract, the scope statement included as part of it can be used as the SOW since it also outlines the work of the project in clear and concise terms. [3]
In a service environment, a job order cannot be the equivalent to a work or service order where the job order records the location, date and time the service is carried out and the nature of service that was carried out, the work order does not. The type of personnel (e.g. job position) may also be listed on the job order.
The Completed-contract method is an accounting method of work-in-progress evaluation, for recording long-term contracts. GAAP allows another method of revenue recognition for long-term construction contracts, the percentage-of-completion method. With this method, revenue is recognized when the contract is fulfilled.
This contract is not generally used for constructing new works, but can include some amount of betterment. There is also a "Term Service Short Contract" where the project is a relatively low risk project and/or the work is primarily re-active. It is an abbreviated version of the main TSC. Supply Contract/Short Supply Contract (SC/SSC)
Contract management or contract administration is the management of contracts made with customers, vendors, partners, or employees.Contract management includes negotiating the terms and conditions in contracts and ensuring compliance with the terms and conditions, as well as documenting and agreeing on any changes or amendments that may arise during its implementation or execution.
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