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

Introduction to resource sharing network, Introduction to Resource Sharing ...

Introduction to Resource Sharing Network The term 'network' always has a wide range of meanings in everyday life and this situation is further complicated because it has two v

Different types of information services, DIFFERENT TYPES OF INFORMATION SER...

DIFFERENT TYPES OF INFORMATION SERVICES: Modem libraries and information centres provide a variety of documentation and information services to support research and developmen

Has fca be efficient in addressing privatization questions, Q. Has FCA be e...

Q. Has FCA be efficient in addressing privatization questions? Ans. Yes. Greensboro, North Carolina, faced this issue, and FCA was instrumental in trade with it. When the

Library networks in usa and uk, Library Networks in USA and UK   The Un...

Library Networks in USA and UK   The United States has definitely taken a lead in library networking. Among the prominent agencies in this regard, are the Library of Congress,

Need for information , NEED FOR INFORMATION   Everybody needs informati...

NEED FOR INFORMATION   Everybody needs information for some purpose or the other. When you want to travel, you need information about routes, timings of the transport services,

Solid waste management, The solid wastes from a summer camp with 100 childr...

The solid wastes from a summer camp with 100 children and a staff of 25 are to be collected once per week. If bottles and cans (representing 20% of the weight) are removed, paper

Organizational behaviour, A large unit manufacturing electrical goods which...

A large unit manufacturing electrical goods which has been known for its liberal personnel policies and fringe benefits is facing the problem of low productivity and high absenteei

Services and products of documentation - organisation , Services and Produc...

Services and Products of Documentation and Information Centres: All functions of documentation and information centres are performed with the objective of providing informatio

Card system and ledger system, The Ledger System: In this system, the ...

The Ledger System: In this system, the record is kept in the form of a bound register wherein each page is allotted to a  periodical. On top of the page usually, details like

Explain the process involved in hr audit, Question 1 Explain the opportuni...

Question 1 Explain the opportunities and challenges in healthcare HRM Question 2 Discuss employee grievance systems in healthcare Question 3 Transactional analysis

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