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

Microform reading equipment -library equipment, Microform Reading Equipment...

Microform Reading Equipment -LIBRARY EQUIPMENT-LIBRARY MANAGEMENT Some aspects of  microform reading room and storing equipment are already discussed above. You are going t

Control and flexibility in contracts, Control and Flexibility in Contracts ...

Control and Flexibility in Contracts Contracts form the backbone of project management today. Project management techniques have developed in response to severe pressures such

Output of quality assurance process, O u t put of quality assurance proc...

O u t put of quality assurance process The outputs of quality assurance process are: O rganisational process assets updates: elements of organisational process ass

Define social environment, QUESTION (a) Define Social Environment (b...

QUESTION (a) Define Social Environment (b) Discuss, with examples, the impact of Social Environment on Business (c) Critically analyze the role of business in the develop

What are the main features of corporate bonds, Question 1 What are securit...

Question 1 What are securities? Describe the features of various types of securities Question 2 What are the main features of corporate bonds? Question 3 Define risk. Wh

Contract performance, Contract Performance Here let us see the final st...

Contract Performance Here let us see the final stages of completion of a contract. M onitoring You should closely monitor the performance of the consultant. This could

Referral services, Referral Services  Referral services are to be dist...

Referral Services  Referral services are to be distinguished from reference service, discussed earlier. Referral services do not provide the user with the documents or informa

Proposal or renewal sub system, Proposal or Renewal Sub System: Type  ...

Proposal or Renewal Sub System: Type                                         Web-based Application Role                                          Software Engineer Team s

Liqudation, describe the conditions for liquidation

describe the conditions for liquidation

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