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Construction glossary
Construction Glossary •

Accounts Payable (A/P)

What is Accounts Payable (A/P)?

Accounts Payable (A/P) in the context of the construction industry refers to the amount of money a company owes to its suppliers or vendors for goods and services received but not yet paid for. These could range from raw materials bought for construction, to equipment rental fees, to labor costs for contractors. Essentially, they are debts that a construction company needs to clear within a specified timeline. Managing A/P effectively is crucial in the construction industry to maintain positive relationships with suppliers and vendors, ensure a steady supply of materials and services, and promoting healthy cash flow. Regular reviews of the A/P process can help avoid potential financial hiccups and keep the construction projects running smoothly.

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Other construction terms

Lender

What is a Lender?

A lender, in the context of the construction industry, is a bank, financial institution, or a private individual that provides funds for construction projects. They lend money with the understanding t...
AIA Billing

What is AIA Billing?

AIA billing refers to a standardized method of construction project billing developed by the American Institute of Architects (AIA). This billing system is widely utilized in the construction industry...
Final Lien Waiver

What is a Final Lien Waiver?

A final lien waiver is a legal document that serves as a formal release of a contractor’s or subcontractor’s rights to file a lien against a property owner or project after they’ve received full payme...

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