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

Prepare an asset for the company, Branding started because companies wanted...

Branding started because companies wanted their services and products to be distinguishable from the generic dross of others and prepare an asset for the company. This is still the

Individual ministerial responsibility, QUESTION 1 Explain clearly the m...

QUESTION 1 Explain clearly the meaning of the following- (a) Collective Responsibility of Ministers (b) Individual Ministerial Responsibility QUESTION 2 "Some pol

Can fca facilitate make recycling programs profitable, Q. Can FCA facilitat...

Q. Can FCA facilitate make recycling programs profitable? Ans. No. Waste will carry on to be generated by the residential and commercial sectors, communities will continue

Performing quality control, P e rforming Quality Control Quality cont...

P e rforming Quality Control Quality control uses techniques and performs activities to compare actual quality performance with requirements and define appropriate actions if

Discuss the various dimension of quality, Question 1 Discuss the various d...

Question 1 Discuss the various dimension of Quality Question 2 a. Discuss Taguchi's contributions.                 b. Explain Quality Loss function Question 3 What are Q

Education and research , Education and Research   i)  Students need inf...

Education and Research   i)  Students need information relating to their academic pursuits.  ii)  Teachers need information for imparting education students to their student

Organisation Behaviour, Rajender Kumar was a production worker at competent...

Rajender Kumar was a production worker at competent Motors Limited (CML) which made components and accessories for the automotive industry. He had worked at CML for almost seven ye

Explain the essential training required for all your staff, Question: Y...

Question: You have been appointed as the Estate Manager of La Gaulette Integrated Resort. The project has just started and you have been appointed during the construction phas

Technical section -staff activity area of library building, Technical Secti...

Technical Section -Staff Activity Area of library building in library management As mentioned earlier, cataloguing, and classification are the  principal technical activities

Maturity model in cobit 5, Maturity model in CobiT 5: CobiT 5 maturity ...

Maturity model in CobiT 5: CobiT 5 maturity model is based on the ISO/IEC 15504. This new model presents some differences (CobiT 5 2012). However, an important similarity betwe

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