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

Iso 9000 quality system standards, ISO 9000 Quality System Standards IS...

ISO 9000 Quality System Standards ISO  is  the  universal  hallmark  of  quality  which  consists  of  a  family  of standards for quality management systems such as ISO 9000.

Describe ways in which mass media, Problem 1 Over the last 30 years, th...

Problem 1 Over the last 30 years, there have been important developments in the evolution of mass media (Wilson and Kidd, 2010). Describe four ways in which mass media has evol

Typical operations strategy would, In the growth stage of a product's ...

In the growth stage of a product's life cycle, a typical operations strategy would  be: Increasing capacity. Short production runs. Cost minimization.

Automated circulation system, Automated Circulation System Automated C...

Automated Circulation System Automated Circulation System For several decades now, ingenious librarians and library equipment manufacturers in western countries have designed

Study the evolution and development of destinations, Question: The Tour...

Question: The Tourist Area Life Cycle as given by Butler (1980) is one of the most popular models which have been used and applied to study the evolution and development of de

The kardex system - , The Kardex System: This system was introduced by...

The Kardex System: This system was introduced by the Remington Rand of India, Ltd. It is a type of visible record system maintained in a steel filing cabinet. Each unit cabine

Mr. Vincet case study, 1.Critically analyze Mr. Vincent’s reasoning. 2. If ...

1.Critically analyze Mr. Vincent’s reasoning. 2. If you were the professor and you knew what was going through Vincent’s mind, what would you say to Vincent

Bound register - ledger form - conventional forms, Bound Register - Ledger ...

Bound Register - Ledger Form: In this form, the entries of documents of a library are written by hand in a bound register or ledger, pages are set apart for different letters

In project management there are three primary variables, QUESTION In pr...

QUESTION In project management, there are three primary variables: the amount of work to be done; the amount of time available (calendar time, not person-years); and the amount

Differences between a credit card and a debit card, Question: a) List ...

Question: a) List and describe the role of the different parties involved in any e-payment system. b) Outline five factors (characteristics) that determine the acceptance

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