Contractor’s Ledger Sample Clauses
The Contractor’s Ledger clause establishes a formal record-keeping requirement for the contractor, mandating the maintenance of detailed accounts related to the contract’s financial transactions. Typically, this ledger includes entries for payments received, costs incurred, and any adjustments or deductions made throughout the project. By requiring accurate and up-to-date financial records, this clause ensures transparency and accountability, helping both parties monitor expenditures and resolve any disputes over payments or costs.
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Contractor’s Ledger. Contractor’s ledger is a personal account of a contractor where all transactions regarding the particular contractor are entered. It is maintained in the divisional officer in a prescribed form. All payments recoveries of adjustments etc. are taken in the ledger. Recoveries of debit balance of the ledger should be made from the contractor regularly at the first available chance to avoid accumulation of arrears. For every contractor a separate ledger is maintained and each contractor’s ledger is closed and balanced monthly. The contractor’s ledger is maintained by the division and a specimen page of a contractor’s ledger is given in Table – 1. Name of Contractor for the month of …………………………………………. Date Voucher No. Sl. No. of ▇▇▇▇ Net Transaction Name of work or account and particulars of transaction Gross Transaction Total upto date value of work or supplies Remarks