Answer:
1. The differences between actual and standard costs are called
__________
variances.
2. A favorable cost variance results when
actual cost is less than standard cost
Explanation:
The cost variance is the difference calculated when either the actual cost is less than the standard cost or the standard cost is less than the actual cost. If they are equal, there is no variance. Variance reporting helps management to initiate corrective measures. It helps to improve performance, output, or workers' productivity.
A typical PPP structure can be quite complex involving contractual arrangements between a number of parties including the government, project sponsor, project operator, financiers, suppliers, contractors, engineers, third parties (such as an escrow agent), and customers.
<u>The party may be entitled to a </u><u>partial recovery</u><u> under the </u><u>contract.</u>
<u></u>
<h3><u>What is Substantial Performance in Contract Law?</u></h3>
Each party promises to uphold its end of the bargain when two parties enter into a contract. Say, for instance, that a property owner hires a contractor to work on their property's construction, such as adding a wing to the house. The property owner will pledge to pay for the services provided, and the contractor will promise to carry out the construction as specified in the contract.
When there is just a minor deviation from the terms of the agreement, a good faith attempt was made to achieve complete performance, and there was no major breach, a party may claim substantial performance. In essence, the result will be adequate to support payment for the services provided.
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