(1): Award and sign contract
(2): Issue progress invoice
(3): Complete progress work activity
薪酬管理现状及问题分析+参考文献+薪酬结构(4): Submit order for progress invoice
(5): Submit order for credit approval
(6): Sign contract
(7): Send progress invoice
(8): Issue credit approval
(9): Send advance payment and then pay the reserve amount
when customer pays in full
(10): Send reports
(11): Pay progress payment (invoice amount)
(12): Collect full progress payment
(13): Send credit information
Fig. 1. Factoring mechanics for a construction project
The variables affecting commission fees include the total amount, length of contract period, contractor’s credit, and owner’s credit [13]. The contractor may need to pay an additional credit monitoring fee to the factor. This fee depends on the credit risks of those who are monitored, that is, the contractor and the owner. Generally the commission fee function ( ) i f x for the period of time is expressed as where is the period and is the total number of progress payments; pi is the progress payment amount for the period; r is the percentage of money reserved for work completed in the period; indicates the length of the period in days; is the contractor’s credit quota; and is the owner’s credit quota in the period. For a construction project, reducing f x stands if is shortened and pi is smaller, where and are normally constant during a short period of time. We find that the total
commission fee by summing up all where is the advance rate in the period of time. Supposed that Ar is usually set to a constant throughout the
construction project, Equation (2) can be rewritten.
Factoring with recourse occurs when the factor faces higher credit risks. To identify recourse causing debt to the contractor, we set if recourse does not occur
if recourse occurs We introduce a probability P to explain the probability of not
paying back by the contractor if recourse occurs.if the contractor absolutely fails to pay anything back, and vice versa. The costs caused by recourse to the contractor can be defined by where j is the time period when recourse occurs to
payment pj and can be independent of i; k is the time period when recourse occurs to the reserve of payment and k are independent.本文来自优.文-论-文-网原文请找腾讯3249,114
The contractor may need to pay an additional credit monitoring fee to the factor. This fee depends on the level of credit risks of those who are monitored, that is, the contractor and owner. Assuming that ∈[0,1] is the percentage which
the factor charges the contractor, usually a constant, we obtain where m is in the time period and is independent of and are the volatile monitoring fee for the contractor’s and owner’s financial statuses, respectively, in the period. Both are a function dependent on the credit conditions for those being monitored.
asp.net+sql新闻发布系统设计论文+参考文献+数据库设计+源代码Adding up all costs from Equations (3), (5), and (6) we obtain the total cost of using factoring Equation (7) is the contractor cost function for factoring
account receivables for conducting a construction project, considering commission fee, recourse costs, and monitoring fee charged by the factor.B. Empirical Case Study
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