Define: Costs in Excess of Billings

How is Costs in Excess of Billings defined in a legal contract?

• Costs in Excess of Billings means the revenue generated from a client according to a contract, which surpasses the amount that was issued to the client under that same contract. This is determined in concurrence with GAAP and is outlined in the most recently provided balance sheet. Seen in 1 SEC filing
• Costs in Excess of Billings means the costs and estimated earnings beyond what has been billed on completed contracts, subject to acceptable security measures and other terms amenable to the Agent. For determining Costs in Excess of Billings, it is assumed that all such Costs of a Borrower or the Guarantors and presented on the consolidated balance sheet of the Borrower for the applicable period, is subject to acceptable security interest. Seen in 1 SEC filing

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of costs in excess of billings' yourself to verify these results. We are always keen to point people to source documents.

‍

Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

‍

Genie Definition 1

• Costs in Excess of Billings means the revenue earned and not billed in a contract, following GAAP and recorded in the latest balance sheet.

Relevant Contract Types

• Construction Contracts
• Service Contracts
• Consulting Contracts
• Supply and Distribution Contracts

Relevant Circumstances

• Long-term supplier agreements
• Consulting appointments with staggered invoicing
• Construction projects where payment schedules differ from work completion

Relevant Sectors

• Construction Industry
• Consulting Services
• Manufacturing
• Wholesale and Retail Trade

‍

Genie Definition 2

• Costs in Excess of Billings means cost and earnings beyond billed amount on completed contracts, subject to [acceptable security].

Relevant Contract Types

• Financial Services Contracts
• Consulting Contracts
• Construction Contracts

Relevant Circumstances

• Consulting engagements with different billing and work completion schedules
• Construction projects where costs and earnings are secured

Relevant Sectors

• Financial Services
• Construction Industry
• Consulting Services

‍