Arkansas Account Stated for Construction Work

• Category: Construction - Contractors - Payments
• State: Multi-State
• Control #: US-0031BG
• Format: Word; Rich Text

Description

An account stated is a statement between a creditor (the person to whom money is owed) and a debtor (the person who owes) based upon a series of prior transactions that a particular amount is owed to the creditor as of a certain date. In Arkansas, an Account Stated for Construction Work refers to a legal concept that aims to establish an agreement between parties involved in construction projects regarding the amount owed and the terms of payment. This concept is applicable when there is no written contract, but an implied agreement exists between the parties. An Account Stated for Construction Work in Arkansas typically arises when a contractor or subcontractor performs construction work or provides materials, and the property owner or general contractor acknowledges the work performed and owes a specific amount for the services rendered. This acknowledgment can occur through various means such as an oral agreement, invoices, email communications, or other forms of correspondence. The term "Account Stated" emphasizes the idea that both parties have come to an understanding or have reached an agreement regarding the account or balance owed. It implies that the recipient of the services has reviewed the invoices or documentation and has accepted them as accurate and final. Essentially, an Account Stated serves as proof that the parties have settled on a specific amount due and the payment terms. It is important to note that an Account Stated for Construction Work does not necessarily require a detailed breakdown of costs or itemized invoices. Instead, it focuses on the final agreed-upon amount owed. In Arkansas, there are no specific types of Account Stated for Construction Work. However, this concept can be applied to various construction projects, including residential, commercial, or infrastructure development. It is important to understand that the absence of a written contract does not invalidate the existence of an Account Stated. As long as there is evidence that both parties have reached a mutual understanding regarding the amount owed, the concept of an Account Stated can be established. Keywords: Arkansas, Account Stated, construction work, implied agreement, contractor, subcontractor, property owner, general contractor, invoices, acknowledged, payment terms, documentation, final amount, proof, residential, commercial, infrastructure development.

In Arkansas, an Account Stated for Construction Work refers to a legal concept that aims to establish an agreement between parties involved in construction projects regarding the amount owed and the terms of payment. This concept is applicable when there is no written contract, but an implied agreement exists between the parties. An Account Stated for Construction Work in Arkansas typically arises when a contractor or subcontractor performs construction work or provides materials, and the property owner or general contractor acknowledges the work performed and owes a specific amount for the services rendered. This acknowledgment can occur through various means such as an oral agreement, invoices, email communications, or other forms of correspondence. The term "Account Stated" emphasizes the idea that both parties have come to an understanding or have reached an agreement regarding the account or balance owed. It implies that the recipient of the services has reviewed the invoices or documentation and has accepted them as accurate and final. Essentially, an Account Stated serves as proof that the parties have settled on a specific amount due and the payment terms. It is important to note that an Account Stated for Construction Work does not necessarily require a detailed breakdown of costs or itemized invoices. Instead, it focuses on the final agreed-upon amount owed. In Arkansas, there are no specific types of Account Stated for Construction Work. However, this concept can be applied to various construction projects, including residential, commercial, or infrastructure development. It is important to understand that the absence of a written contract does not invalidate the existence of an Account Stated. As long as there is evidence that both parties have reached a mutual understanding regarding the amount owed, the concept of an Account Stated can be established. Keywords: Arkansas, Account Stated, construction work, implied agreement, contractor, subcontractor, property owner, general contractor, invoices, acknowledged, payment terms, documentation, final amount, proof, residential, commercial, infrastructure development.