- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
1
Posted on 8/9/16 at 9:44 am to Kujo
There has to be more to "unbalanced bidding" than what's in your OP. If it's my business, and my arse on the line, I'll bid the job however I want to. There's nothing illegal about it. The owner can take it or leave it.
Posted on 8/9/16 at 9:57 am to Evolved Simian
quote:
If you're doing it to recognize revenue during a period in which it wasn't earned, that is financial statement fraud.
Or simply an accounting error, which can be reversed. "Fraud" lol
As for the question, I don't understand what the hell OP is talking about. Sounds like a unilateral mistake of fact.
This post was edited on 8/9/16 at 10:01 am
Posted on 8/9/16 at 10:06 am to Kujo
quote:
Bid docs have a Typo that they meant 1000 units, but they asked for only 100 units....and you don't say anything about their error, and lower cost on things that they have right, and increase it on the things that they have wrong...so that after the fact when they realize they are 900 short, you are getting the higher price on the things they incorrectly wrote down.
You'd never win a bid in La if you didn't do this
Posted on 8/9/16 at 10:08 am to crimsonsaint
I front load occasionally depending on bit items, size of the project and % labor, if I need to pay cash to order something special, or if I know the owner's payment process is very slow.
Cash is king, especially in construction. Weekly payrolls are the norm compared to biweekly or semi-monthly. It also can be 2-4 months from the time an expense occurs vs when revenue comes in to pay for it.
Cash is king, especially in construction. Weekly payrolls are the norm compared to biweekly or semi-monthly. It also can be 2-4 months from the time an expense occurs vs when revenue comes in to pay for it.
This post was edited on 8/10/16 at 9:47 pm
Posted on 8/9/16 at 10:09 am to jamboybarry
quote:
always front load like a mug. No fair? Don't care
All construction companies try to do it and if you can get away with it good for you.
Posted on 8/9/16 at 10:21 am to TrebleHook
quote:
I front load occasionally depending on bit items, size of the project and % labor, if I need to pay cash to order something special, or if I know the owner's payment process is very slow.
Cash is king, especially in construction. Weekly payrolls are the norm compared to biweekly or semi-monthly. It also can be 2-4 months from the time an expense accurs vs when it gets revenue comes in to pay it.
This.
In practice, construction in progress account will always be +/- billings, resulting in either an asset or a liability. That doesn't make anything "fraudulent." OP was his own worst enemy on that exam.
Posted on 8/9/16 at 10:23 am to TrebleHook
For the most part we don't front load unless they're withholding retainage.
Posted on 8/9/16 at 10:26 am to TrebleHook
quote:
Cash is king, especially in construction. Weekly payrolls are the norm compared to biweekly or semi-monthly. It also can be 2-4 months from the time an expense accurs vs when it gets revenue comes in to pay it.
Don't do construction for any government.
Posted on 8/9/16 at 10:27 am to crimsonsaint
quote:
For the most part we don't front load unless they're withholding retainage.
Which by the way should be completely illegal unless you're behind schedule.
Posted on 8/9/16 at 10:30 am to DupontsCircle
quote:
Don't do construction for any government
Do tell.....Prompt Payment Act for construction contracts.....at the federal level payment must be made in 14 days or less from date of acceptable invoice.
Posted on 8/9/16 at 10:35 am to Wtodd
quote:
Do tell.....Prompt Payment Act for construction contracts.....at the federal level payment must be made in 14 days or less from date of acceptable invoice.
Yeah, tell me some more stuff you Googled.
Posted on 8/9/16 at 10:35 am to Kujo
I know when this occurs on a bid, the lower number is labor and the higher is materials. A contractor will say that they can't do anything about material cost. So when this happens to me, I just tell them I'll supply the materials.
Then they pull their bid
Then they pull their bid
Posted on 8/9/16 at 10:39 am to DupontsCircle
Hey Duponts - I negotiated & administered construction contracts for 14 yrs in the Air Force. I've done all types of contracts for the past 37 yrs.
Wanna try again?
Wanna try again?
Posted on 8/9/16 at 10:43 am to Kujo
You didn't bother asking your friend of 40 years who happens to practice construction and RE law?
I mean, I have no idea what you're talking about, but I'm still offended.
I mean, I have no idea what you're talking about, but I'm still offended.
Posted on 8/9/16 at 10:47 am to Wtodd
quote:
I negotiated & administered construction contracts for 14 yrs in the Air Force. I've done all types of contracts for the past 37 yrs.
Doesn't matter. You will lose this argument. I've never had one military contract officer pass through my class that didn't claim to know everything about government contracting because they read DFARS twice and processed some payments.
Posted on 8/9/16 at 10:53 am to DupontsCircle
quote:
Doesn't matter.
Arguable
quote:
You will lose this argument.
Your opinion
quote:
I've never had one military contract officer pass through my class that didn't claim to know everything about government contracting because they read DFARS twice and processed some payments.
Probably but I was never one of those KOs; I KNEW I didn't know everything NOR did I want to know or memorize everything.......why memorize it when you can look the shite up but the Prompt Payment Act was something I KNEW about for construction contracts.
Posted on 8/9/16 at 10:55 am to Wtodd
quote:
Do tell.....Prompt Payment Act for construction contracts.....at the federal level payment must be made in 14 days or less from date of acceptable invoice.
and here is just the right amount of beurocratic grey area to ensure you never get paid
This post was edited on 8/9/16 at 10:56 am
Posted on 8/9/16 at 10:57 am to Wtodd
Federal agencies, especially DOD, are more likely to present prompt payment to a contractor on a schedule if performance is accepted upon inspection. Agencies with less structure but the same contract admin regs require more time to inspect the site and verify performance.
State and local are less regulated, less structured and have worse contract admin policies on the macro level. Usually, they run Net 30, which is standard. I've seen Net 60 though.
State and local are less regulated, less structured and have worse contract admin policies on the macro level. Usually, they run Net 30, which is standard. I've seen Net 60 though.
Posted on 8/9/16 at 11:01 am to DupontsCircle
quote:
Agencies with less structure but the same contract admin regs require more time to inspect the site and verify performance
As a former KO, no way I'd accept this answer from an Inspector.
quote:
State and local are less regulated, less structured and have worse contract admin policies on the macro level. Usually, they run Net 30, which is standard. I've seen Net 60 though.
Me too but it's the KO's responsibility to make sure shite runs right.
Page 2 of 3
Popular
Back to top
Follow TigerDroppings for LSU Football News