A Completed Contract in the context of construction refers to a project that has been fully finished and delivered to the client according to the agreed-upon terms and specifications. This means that all construction work, including any necessary testing and final inspections, has been completed to the satisfaction of both parties involved. The completion of a contract typically triggers the final payment to the contractor and marks the end of the construction process.In a Completed Contract scenario, the contractor bears the risk of any cost overruns or delays that may have occurred during the construction process. This is because the contract price is only paid upon completion of the project, meaning that the contractor must absorb any additional expenses that were not accounted for in the original agreement. However, this also means that the contractor will
What is Completed Contract?
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Top 3 reasons construction finance teams use the Vergo platform
automate manual processes
Eliminate the hassle of manual data entry and repetitive tasks with our automation tools. Our platform ensures a smooth transition with free setup and ongoing support, making it easy for your team to get started.
streamline communication with the field
"Improve coordination and information flow between your office and field teams with our desktop and mobile app. Our platform enables real-time updates and seamless communication, keeping everyone on the same page.
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unlock better reporting & analytics
Transform your data into actionable insights with our powerful reporting and analytics tools. Our platform provides instant access to critical information and dedicated support to help you make informed decisions faster.
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"Our finance team absolutely love the platform."
"The platform has boosted our workflow efficiency and team collaboration. It's intuitive and user-friendly, allowing us to quickly adapt and enhance productivity."
"We saved hours eliminating manual data entry."
"Automating our data entry processes has saved us hours. The software captures and organizes our financial data accurately, reducing errors and freeing up time."
"We have so much more clarity into our project data."
"The platform gives us real-time insights into project data with advanced analytics and reports, helping us make better decisions."
