cost of completion

   The amount of money required to finish a job when a contract has been breached by the failure to perform. For example, if a general contractor is in breach of contract by not finishing a house extension, the cost of completion is the actual cost of bringing in a new contractor to finish it. The actual costs become the measure of the damages to be paid, rather than an estimate of cost based on a supposed percentage of work still to be done.

Business law dictionary. 2015.

Look at other dictionaries:

  • cost of completion — n. In a breach of contract action, a measure of damages calculated by the amount it would cost to pay for a performance that would put the plaintiff where he or she would have been had the contract not been breached. The Essential Law Dictionary …   Law dictionary

  • cost — Expense; price. The sum or equivalent expended, paid or charged for something. See also actual cost costs net cost rate costing cost bond …   Black's law dictionary

  • completion bond — ➔ bond * * * completion bond UK US noun [C] ► INSURANCE a promise by an insurance company to the person or financial organization financing a project that it will provide the money needed to complete the project, even if something unexpected… …   Financial and business terms

  • completion accounts — 1) Accounts of the target company drawn up at or shortly after completion of the acquisition which will form the basis for determining the final amount payable under the acquisition agreement. 2) Accounts of the target company drawn up at or… …   Law dictionary

  • Completion (oil and gas wells) — This article is about the oil or gas well completion. For other uses of completion, see Completion (disambiguation) In petroleum production, completion is the process of making a well ready for production (or injection). This principally involves …   Wikipedia

  • Completion guarantee — A completion guarantee (sometimes referred to as a completion bond) is a form of insurance offered by a completion guarantor company (in return for a percentage fee based on the budget) that is often used in independently financed films to… …   Wikipedia

  • Budgeted cost of work scheduled — (BCWS), also referred to as Planned Value (PV), is a term from earned value management, a project management technique that seeks to measure forward progress in an objective manner. BCWS is defined as the approved budget that has been allocated… …   Wikipedia

  • Decreasing graduation completion rates in the United States — The Graduation completion rate is the measure reflecting the amount of students who complete their graduation and receive a degree from an educational institution. The drop out rate is the measure reflecting the amount of students who disengage… …   Wikipedia

  • Central Utah Project Completion Act — The Central Utah Project Completion Act (CUPCA) (P.L. 102 575), enacted on October 30, 1992, removed responsibility for completing the Central Utah Project (CUP), a federal water project, from the United States Bureau of Reclamation. The Central… …   Wikipedia

  • Percentage of completion — Der International Accounting Standard 11 (IAS 11) ist eine Rechnungslegungsvorschrift des IASB über die Bilanzierung von Erträgen und Aufwendungen von Fertigungsaufträgen. Das sind solche Aufträge, die kundenspezifische Merkmale aufweisen, etwa… …   Deutsch Wikipedia

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