HVAC New Construction - Net Working Capital

Quick question for those with new home construction experience. We’re under LOI on an HVAC business with a significant new construction component. The company does not track % of completion, and there’s a fair amount of WIP with partially billed jobs. Any advice on: - How to set a normalized working capital peg in this situation - Ways to account for WIP / underbilling risk without formal tracking - Structuring the true-up to avoid post-close disputes Appreciate any guidance or examples — thanks.