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

Research approach, RESEARCH APPROACH: Research approach (design) is th...

RESEARCH APPROACH: Research approach (design) is the researchers overall plan for answering the research questions. The  design  indicates whether or not there is  an  interve

Pre-requisites for a union catalogue, Pre-requisites for a Union Catalogue ...

Pre-requisites for a Union Catalogue   Compilation of a union catalogue is possible only through library cooperation. Any such compilation should be very clear in the beginning

Importance of an environmental impact assessment, Question 1: (a) Ident...

Question 1: (a) Identify and clearly explain the benefits of implementing ISO 14001? (b) Describe the importance of an Environmental Impact Assessment (EIA). Explain the are

Transform the organisational resources, Question "Schools are open soc...

Question "Schools are open social systems with five important elements which are used to transform the organisational resources into educational outcomes" (a) Describe the

Conditions for adopting force account, Conditions for adopting force accoun...

Conditions for adopting force account  List of the situation where you can utilise force account is mentioned below:  Works are small or in remote locations where mobilis

Selective dissemination of information (sdi), Selective Dissemination of In...

Selective Dissemination of Information (SDI): The SDI is a type of current awareness service, the objective of which is to keep users of the system informed of new development

Private documentation/information centres, Private documentation/informatio...

Private documentation/information centres: They belong mainly to private business enterprises, commercial firms, etc., and serve primarily the interests of their own instituti

Project management approach and philosophy, P roject Management Approach a...

P roject Management Approach and Philosophy A philosophy is an outlook or a way of thinking about the field of application. A project management philosophy reflects the way an

Explain the role of union, The purpose of this assignment is to develop lea...

The purpose of this assignment is to develop learners' ability to relate the current relevant principles, concepts and theories of compensation management with their professional p

Dmaic process, DMAIC process DMAIC was introduced by Motorola to help i...

DMAIC process DMAIC was introduced by Motorola to help improve the business processes and  also  to  increase  the  profitability.  It  can  be defined  both  as  a methodology

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