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

BEGE - 101, State the distinguishing features of literature as a mode of la...

State the distinguishing features of literature as a mode of language use by citing examples?

Vatican rules - british museum cataloguing rules, Vatican Rules - british m...

Vatican Rules - british museum cataloguing rules: Vatican Library. Rules for the Catalogue of Printed Books I translated from the 2nd Italian edition 1938, by the very Rev. Th

Explain what you understand by internal analysis, QUESTION 1 SWOT Matri...

QUESTION 1 SWOT Matrix is one of the principal tools for strategic analysis. Referring to this matrix- (a) Explain what you understand by internal analysis (b) Explain wh

Procurement management, Overview of Procurement Management   Let us star...

Overview of Procurement Management   Let us start our discussion with an overview of project procurement management. Procurement management is an important knowledge area in pro

Purpose and objectives of binding - library management, Purpose and Objecti...

Purpose and Objectives of Binding : Unlike private collection, books in libraries are to be used by successive groups-be it a public library or an academic library-and hence n

Periodical display rack-step type, Step type-Periodical Display Rack-librar...

Step type-Periodical Display Rack-library furniturein in libraray management  In this type the periodicals are displayed stepwise, each step being 5 cm deep and 15 cm high. Le

Physiological measurement, Physiological measurement: Physiological M...

Physiological measurement: Physiological Measurement can be  classified as In Vivo  and In Vitro. In -Vivo includes measurements of those which are performed  directly withi

Describe talent management system, Problem 1: What is the importance of...

Problem 1: What is the importance of talent management? Describe Talent management Importance of Talent management Problem 2: Describe the five stage approa

Components of hrd-strategic and operational planning , Strategic and Operat...

Strategic and Operational Planning Strategic and Operational Planning Strategic and operational planning is largely confined to defining the objectives of the organisation,

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