BALANCE FORWARD ACCOUNTING is where you maintain a list of charges and payments for each account. To find out the balance at any point in time, you add the charges, add the payments, and then subtract total payments from total charges. A billing statement is sent out every month with any balance carried forward from the previous statement
CONTRACTOR is the person or entity who will provide the goods or services under the provisions of the contract.
OMITTED is to leave undone or leave out, i.e. to prevent from being included or considered or accepted.
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