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OHL USA, INC. AND SUBSIDIARIES <br />NOTES TO CONSOLIDATED FINANCIAL STATEMENTS <br />DECEMBER 31, 2020 <br />Note 8 - Contract Assets and Contract Liabilities <br />Information with respect to contract assets and contract liabilities on uncompleted contracts at <br />December 31, 2020 is as follows: <br />Contract costs incurred <br />Estimated earnings <br />Less: Billings to date <br />$ 4,973,437,693 <br />144, 888,404 <br />5,118,326,097 <br />5,228,901,776 <br />$ (110,575,679) <br />Included in the accompanying consolidated balance sheet as contract assets and contract <br />liabilities: <br />Costs and estimated earnings in excess of billings <br />on uncompleted contracts $ 92,402,752 <br />Unbilled receivables 5,642,654 <br />Total Contract Assets $ 98,045,406 <br />Billings in excess of costs and estimated earnings <br />on uncompleted contracts $ (202,978,431) <br />Total Contract Liabilities $ (202,978,431) <br />In determination of the contract price on various projects in process at December 31, 2020, <br />there is approximately $50,176,000 of pending change orders. The costs relating to these <br />pending change orders have already been incurred by the Company. The pending change <br />orders are being negotiated by the Company with the contract owners. The Company <br />believes this amount will be fully approved and collected, but it is at least reasonably possible <br />that this estimate will change in the near term. <br />25 <br />