Long-term liabilities, also known as noncurrent liabilities, are financial obligations that are due beyond one year from the balance sheet date. In the context of construction, long-term liabilities may include loans or bonds used to finance major construction projects. These liabilities are typically used to cover the high costs associated with building infrastructure, such as roads, bridges, and buildings. By spreading out the payments over an extended period of time, construction companies can better manage their cash flow and ensure that they have the necessary funds to complete the project.Long-term liabilities in construction can also include long-term leases for equipment or property, as well as deferred tax liabilities related to the construction project. These liabilities are important for investors and creditors to consider when evaluating the financial health of a construction