construction

Contractor

Definition

A person or business that agrees to conduct work for another entity as specified under the terms of a contract. Unlike employees, contractors are independent entities that do not work exclusively for one person or business and are subject to...

Improvement

As applies to real estate, any permanent structure or work (such as planting trees) on real property, which increases its value or extends its useful life. As defined by the IRS, an addition to or alteration of a capital asset, which either increases...

Kickbacks

Kickbacks: an overview

A "kickback" is a term used to refer to a misappropriation of funds that enriches a person of power or influence who uses the power or influence to make a different individual, organization, or company richer. Often, kickbacks...

labor and materials (time and materials)

A type of contract by which the customer agrees to pay a contractor the cost of labor and materials used in a job, plus a predetermined percent markup. In contrast, a fixed price contract is where the parties negotiate a lump sum...