Purchased materials that are on site or in secure storage but not yet installed, for which the contractor can bill.
Stored materials are materials that have been purchased and delivered to the project site or a secure off-site storage location, but not yet incorporated into the work, for which the contractor may request payment in a progress billing. To bill for stored materials, contractors must provide documentation of title, insurance, and location. Owners and lenders carefully verify stored material claims to prevent overbilling.
The structural steel fabricator delivered all steel to a bonded warehouse and billed $1.2M for stored materials in the October pay application.
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