Trending Premises Liability Discussions

What is called factory premises? ‎

From the point of risking what is the difference between a lumpsum,unit price,target cost and cost plus contract of both the owner and the contractor?‎

What is specifically meaning of tresspassers in premises ?‎

What is a contingent Liability? How we treat it in the financial Statements?‎

 

Answer added by  Farhad Ali, Accountant, AL Aaly holding
11 years ago

it should not be recognised but it should be disclosed . A contingent liability is a possible obligation arising from past events, the outcome of which will be confirmed ... See More

 

Answer added by  Deleted user
9 years ago

In a lump sum contract, the owner has essentially assigned all the risk to the contractor, who in turn can be expected to ask for a higher markup in order to take care of ... See More

 

Answer added by  Alex Al Yazouri , General Manager, Al Mushref Cooperative Society
9 years ago

I agree with comprehensive answer of Mr. Al Omar.

 

Answer added by  Deleted user
8 years ago

Factory Premises in the sense the whole Factory Area.

 

Answer added by  hatem labib, Quality control manager , MISER consultant
9 years ago

the high risk for the contractor = low risk for owner = high price for owner =lumpsum project the high risk for the owner = low risk of contractor= low price for owner =u ... See More

 

Answer added by  Muhammad Afaq, SENIOR FINANCIAL ACCOUNTANT, United Eddy Company (United Yousef M. Naghi Group)
11 years ago

A contingent liability (or Loss) is one that can occur at some certain point in the future once various related uncertainties resolved. It is disclosed as part of notes w ... See More