Progress billings and payments, Other Management

Assignment Help:

Progress billings and payments:

Payment is the valuable control tool in  your  hands.  You  should  ensure  that  progress  payments  are determined objectively and designed to promote timely performance by contractor. The key rules which apply here are:

  • You should guard yourself against early payment and overpayment as it is risky.
  • You  should  not  unreasonably delay or  withhold  earned  payment which will lead to risk of contractor?s dissatisfaction which manifests as quality compromise or time delay.
  • Prompt and accurate contractor invoices and timely payments are critical to the financial status of the contractor.
  • It  is  prudent  to  involve  both  personnel  responsible  for  contract formulation and personnel responsible for contract administration in designing payment terms. It should be noted that contracts invariably stipulate percentage retention (usually 10% of progress bill value). The purposes served by the retention are motivating the contractor to complete the work; covering the risk of latent errors or omissions; encouraging contractor to rectify deficiencies after a planned demobilisation.

Related Discussions:- Progress billings and payments

Factors affecting materials handling system, Factors Affecting Materials Ha...

Factors Affecting Materials Handling System  The followings four factors material handling system: Production  System: There  are two  basic  types  of production systems.

Describe the concepts of sustainable development, Although tourism has brou...

Although tourism has brought economic benefits, it has significantly contributed to environmental degradation, negative cultural and social impacts and habitat fragmentation. Tour

Explain clearly the knowledge management processes, QUESTION 1 Explain ...

QUESTION 1 Explain how the Wiig Knowledge Management model is related to the Nonaka and Takeuchi model QUESTION 2 Explain clearly the three major stages of an integrate

BEGE - 101, State the distinguishing features of literature as a mode of la...

State the distinguishing features of literature as a mode of language use by citing examples?

Describe the various exchange rate systems, Problem: 1. Describe the va...

Problem: 1. Describe the various exchange rate systems. 2. Illustrate the BPO approach and its criticism in detail. 3. Describe the International Techniques of Managing Foreig

Exchange/interchange communication format, Exchange/Interchange Communicati...

Exchange/Interchange Communication Format Exchange formats are also known as interchange/communication formats. Exchange formats are used for exchange of records between syste

Quality improvement, Q uality improvement It is a systematic approach ...

Q uality improvement It is a systematic approach to make the process of work more effective, efficient  and appropriate  by removing  rework,  unwanted work,  loss and frustra

Conventional shelving - library management, Conventional Shelving: As ...

Conventional Shelving: As you may have observed in most libraries, books are kept on open shelves which are usually arranged in  parallel rows  with passages from 75 to 80 cm

Write a long note on the fork method, Question 1 What should an interviewe...

Question 1 What should an interviewee remember before being interviewed? How can a potential interviewee prepare for an interview? Question 2 Discuss the different types o

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd