Contractor Abstracts

Types of Subcontractors

1. Manufacturing Contractor Only

2. Supply and Installation Contractor

Contracts with subcontractors can be for all or part of the items. A single item can also be divided among multiple subcontractors based on the distribution of the item's quantity among them. When recording the contract, it is essential to specify what it includes in terms of down payments, taxes, and discounts for automatic deduction.

Subcontractor Abstract

This document is used to calculate the work performed in the subcontract and the deducted amounts, such as the down payment discount, work insurance, and taxes, to arrive at the net amount due for disbursement.

Financial Status Report for Subcontractors

This report provides the financial status of subcontractors for the work carried out on a specific project or all projects. It outlines the value of the work, including additions and deductions such as:

(Work insurance – Deduction taxes – Social insurance – etc.). The report then calculates the net abstract value after deducting amounts that have already been disbursed, providing the amounts due for disbursement. The deducted amounts that have been previously disbursed are subtracted to give the accurate amount eligible for disbursement. The report can be reviewed at the subcontractor level with one or more projects, and it can also be analyzed on a project basis to give the financial status for each subcontractor.

Deductions and Additions Report for Subcontractors

This report can be used for a comprehensive and accurate tracking of contract conditions and their execution up to the current date. For example:

• Monitoring the status of deductions within the project.

• Status of advance payments and the remaining amount from the advance payment.

• Deductions for work insurance, returned insurance amounts, and the remaining balance for work insurance.

• Any additions or discounts that require oversight.