Florida 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. Account stated is a legal concept used in the construction industry in Florida to facilitate payment for construction work rendered. It refers to an agreement or understanding between parties involved in a construction project regarding the amount owed for services performed and materials supplied. When an account stated is established, it creates a legal obligation for the paying party to remit the agreed-upon amount. In the construction context, an account stated can be created in various ways, including through invoices, progress billing, or change orders. These documents provide a detailed breakdown of the work performed, materials supplied, and the associated costs. Once the invoices, progress billing, or change orders are sent to the paying party, their approval or acceptance of these documents indicates their acknowledgement of the amount owed. There can be different types of Florida Account Stated for Construction Work, including: 1. Basic Account Stated: This type of account stated is the most common and applies to straightforward agreements where the parties agree on the payment terms and the amount owed for the project. It is typically established through the submission and acceptance of invoices or progress billing. 2. Modified Account Stated: In certain cases, the parties may agree to modify the original account stated, such as when changes or additions are made to the scope of work. This modified account stated creates a new agreement regarding the amended amount owed. Change orders are commonly used to establish a modified account stated. 3. Final Account Stated: Once the construction project is completed, the final account stated is prepared to reflect the total amount owed, considering any adjustments made during the project's course. This includes accounting for any change orders, extras, or deductions. The final account stated enables the parties to ensure that all financial obligations are settled and provides a basis for the final payment. It is important to note that an account stated is not an open-ended agreement. It signifies the finalization of the amount owed for the specific work performed and materials supplied. Once a valid account stated is established, the paying party is legally bound to fulfill their payment obligations in accordance with the agreed-upon terms. Keywords: account stated, construction work, Florida, payment, invoices, progress billing, change orders, basic account stated, modified account stated, final account stated, payment obligations, scope of work, extras, deductions.

Account stated is a legal concept used in the construction industry in Florida to facilitate payment for construction work rendered. It refers to an agreement or understanding between parties involved in a construction project regarding the amount owed for services performed and materials supplied. When an account stated is established, it creates a legal obligation for the paying party to remit the agreed-upon amount. In the construction context, an account stated can be created in various ways, including through invoices, progress billing, or change orders. These documents provide a detailed breakdown of the work performed, materials supplied, and the associated costs. Once the invoices, progress billing, or change orders are sent to the paying party, their approval or acceptance of these documents indicates their acknowledgement of the amount owed. There can be different types of Florida Account Stated for Construction Work, including: 1. Basic Account Stated: This type of account stated is the most common and applies to straightforward agreements where the parties agree on the payment terms and the amount owed for the project. It is typically established through the submission and acceptance of invoices or progress billing. 2. Modified Account Stated: In certain cases, the parties may agree to modify the original account stated, such as when changes or additions are made to the scope of work. This modified account stated creates a new agreement regarding the amended amount owed. Change orders are commonly used to establish a modified account stated. 3. Final Account Stated: Once the construction project is completed, the final account stated is prepared to reflect the total amount owed, considering any adjustments made during the project's course. This includes accounting for any change orders, extras, or deductions. The final account stated enables the parties to ensure that all financial obligations are settled and provides a basis for the final payment. It is important to note that an account stated is not an open-ended agreement. It signifies the finalization of the amount owed for the specific work performed and materials supplied. Once a valid account stated is established, the paying party is legally bound to fulfill their payment obligations in accordance with the agreed-upon terms. Keywords: account stated, construction work, Florida, payment, invoices, progress billing, change orders, basic account stated, modified account stated, final account stated, payment obligations, scope of work, extras, deductions.