New York 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. New York Account Stated for Construction Work is a legal term used to describe a form of recovery and resolution for payment disputes in construction projects within the state of New York. It refers to a specific type of claim in which one party asserts that an account has been agreed upon by both parties involved in the construction project. In the construction industry, an account stated arises when two parties, usually the contractor and the owner, have engaged in a series of transactions and the contractor sends an invoice or statement of account to the owner. If the owner receives the invoice and fails to raise any objections or disputes within a reasonable time frame, it is assumed that the owner has accepted the account as stated. This acceptance creates a legal obligation for the owner to pay the amount specified in the account. The New York Account Stated for Construction Work is governed by the laws of the state of New York, including the statutes of limitation and the rules of evidence. It is a powerful legal tool that provides contractors with a means to pursue payment for their work and services without having to demonstrate breach of contract or prove fault. There are different types of New York Account Stated for Construction Work, including: 1. Final Account Stated: This occurs when the contractor has completed the project, submitted the final invoice or statement of account to the owner, and the owner fails to object or dispute the account within a reasonable time frame. 2. Partial Account Stated: This type of account stated arises when the contractor submits interim or progress invoices or statements of account during the course of the construction project. If the owner accepts the partial accounts as stated by making payments without raising any objections, it creates an account stated for each specific stage of the project. 3. Change Order Account Stated: In construction projects, change orders often introduce modifications to the original contract scope, specifications, or cost. If the contractor submits a change order invoice or statement of account for the additional work or costs incurred, and the owner accepts it without raising objections, it creates a change order account stated. It is important to note that New York Account Stated for Construction Work does not absolve the owner from disputing or questioning the accuracy or legitimacy of the account. However, the burden of proof lies with the owner to demonstrate that the account is incorrect or has been misrepresented. In case of a dispute, legal action can be initiated by either party to resolve the matter.

New York Account Stated for Construction Work is a legal term used to describe a form of recovery and resolution for payment disputes in construction projects within the state of New York. It refers to a specific type of claim in which one party asserts that an account has been agreed upon by both parties involved in the construction project. In the construction industry, an account stated arises when two parties, usually the contractor and the owner, have engaged in a series of transactions and the contractor sends an invoice or statement of account to the owner. If the owner receives the invoice and fails to raise any objections or disputes within a reasonable time frame, it is assumed that the owner has accepted the account as stated. This acceptance creates a legal obligation for the owner to pay the amount specified in the account. The New York Account Stated for Construction Work is governed by the laws of the state of New York, including the statutes of limitation and the rules of evidence. It is a powerful legal tool that provides contractors with a means to pursue payment for their work and services without having to demonstrate breach of contract or prove fault. There are different types of New York Account Stated for Construction Work, including: 1. Final Account Stated: This occurs when the contractor has completed the project, submitted the final invoice or statement of account to the owner, and the owner fails to object or dispute the account within a reasonable time frame. 2. Partial Account Stated: This type of account stated arises when the contractor submits interim or progress invoices or statements of account during the course of the construction project. If the owner accepts the partial accounts as stated by making payments without raising any objections, it creates an account stated for each specific stage of the project. 3. Change Order Account Stated: In construction projects, change orders often introduce modifications to the original contract scope, specifications, or cost. If the contractor submits a change order invoice or statement of account for the additional work or costs incurred, and the owner accepts it without raising objections, it creates a change order account stated. It is important to note that New York Account Stated for Construction Work does not absolve the owner from disputing or questioning the accuracy or legitimacy of the account. However, the burden of proof lies with the owner to demonstrate that the account is incorrect or has been misrepresented. In case of a dispute, legal action can be initiated by either party to resolve the matter.