Blog › How to Estimate Payments · Contractor Guide What Is a Lien Waiver in Construction? A lien waiver in construction is a signed document where a contractor or supplier gives up the right to file a mechanics lien in exchange for payment. Here are the four types and when to sign each, sourced from […]
What Is a Punch List in Construction?
Blog › How to Estimate Construction · Project Closeout What Is a Punch List in Construction? A plain-English definition of the punch list: who creates it and what goes on it. We also cover how it controls final payment and warranty start. Sourced from AIA Contract Documents and the Bureau of Labor Statistics. SimplyWise Updated […]
Markup vs Margin in Construction: The Contractor’s Guide
Blog › How to Estimate Estimating · Profit Math Markup vs Margin in Construction: The Contractor’s Guide Markup and margin are not the same number, and confusing them is one of the fastest ways a contractor loses money. This guide explains markup vs margin construction math with the formulas, a conversion table, and worked examples. […]
What Is an SOV in Construction? A 2026 Contractor Guide
Blog › How to Estimate Construction Billing · Estimating Guide What Is an SOV in Construction? A 2026 Contractor Guide An SOV, or schedule of values, breaks the total contract sum into priced line items. A contractor bills for the work as it gets done. Sourced from the American Institute of Architects, the Bureau of […]
What Is Labor Burden in Construction?
Blog › How to Estimate Construction · Estimating Guide What Is Labor Burden in Construction? Labor burden is the full cost of an employee beyond the base wage: payroll taxes, insurance, and benefits. Here is how to calculate it, with a sourced 2026 example. Data from the Bureau of Labor Statistics, the IRS, and the […]
What Is Retainage in Construction?
Blog › How to Estimate Payments · Construction Finance What Is Retainage in Construction? A plain-language guide to retainage: what it is, the rules that govern it, the math, and how contractors get the held money released. Sourced from the FAR, the Prompt Payment Act, and state retention statutes. SimplyWise Updated June 23, 2026 14 […]
What Is a Change Order in Construction? A Contractor Guide for 2026
Blog › How to Estimate Contracts · Estimating Guide What Is a Change Order in Construction? A Contractor Guide for 2026 A change order in construction is a written, signed amendment to the original contract that adjusts the scope, price, or schedule of a job. This guide breaks down how change orders work, sourced from […]
What Is a RFI in Construction? A Plain-English Guide
Blog › How to Estimate Construction · Project Documents What Is a RFI in Construction? A Plain-English Guide A request for information (RFI) is the formal, written way a contractor asks for clarification on unclear plans, specs, or site conditions. Sourced from the Navigant Construction Forum, the American Institute of Architects, the Associated General Contractors […]
What Is Overhead in Construction? A Contractor Guide 2026
Blog › How to Estimate Estimating · Job Costing Guide What Is Overhead in Construction? A Contractor Guide 2026 Overhead is the cost of running a construction business that is not tied to any single job. This 2026 guide breaks down what counts as overhead, how to calculate it, and how to recover it in […]
How to Estimate an HVAC Job: 2026 Contractor’s Guide
Blog › Contractor How to Estimate › How to Estimate an HVAC Job HVAC · Estimating Guide How to Estimate an HVAC Job: 2026 Contractor’s Guide A seven-step framework for HVAC contractors: Manual J load calc, equipment selection, ductwork sizing, materials, labor, permits, and profit margin. Three worked examples included. SimplyWise Updated May 7, 2026 […]