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| arises when a government agency or private entity commits to pay through a legal transaction |
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| refers to the process of preparing and issuing invoices to request quotes for goods sold or services rendered. |
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| sum of money received as receipts or disbursements in a project’s financial records. |
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| a process of defining how the project costs will be estimated, budgeted, managed, monitored, and controlled. |
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| any money paid to a contractor or subcontractor to provide a service before the work or service has actually been carried out. |
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| document used in construction to collect, compare and evaluate price quotations from different suppliers for various construction materials. |
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| fixed regular payment, typically expressed as an annual amount but paid monthly or biweekly. |
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| amount of total salaries, wages, benefits and other expenses associated with employing workers who will perform tasks and provide services within the project. |
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| key document in construction that lists all necessary materials, labor and costs for a project. |
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| Approved Budget for the Contract |
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| total allocated cost for a construction or procurement project, used as the basis for bidding, contract award and financing. |
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| known as the billing statement. |
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| is the additional compensation paid equipment operators for working beyond the regular hours. |
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| defined as a task A must finish before starting Task B. |
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| workers who don’t require specialized skills. |
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