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

Service Marketing, understand the prospect for growth in global services

understand the prospect for growth in global services

Cooperative cataloguing, COOPERATIVE CATALOGUING   In cooperative catal...

COOPERATIVE CATALOGUING   In cooperative cataloguing a group of independent libraries share the cataloguing work. Needham says that cooperative cataloguing refers to "a situati

Definitions - information centres and databases, INFORMATION CENTRES  AND ...

INFORMATION CENTRES  AND DATABASES:   A, organisation selects, acquires, stores, organises a--retrieves specific documents to meet users' requirements, (ii) announces, abstr

Steps literature search, STEPS LITERATURE SEARCH  There are many point...

STEPS LITERATURE SEARCH  There are many points to consider in making an effective literature search. The first and foremost step is to ascertain the purpose, scope, depth and

Cd-rom networks, CD-ROM Networks CD-ROM has become an important medium...

CD-ROM Networks CD-ROM has become an important medium for the storage and dissemination of information. Many information products are now available on CD-ROM. CD-ROMs represen

What is pegged skirt, Question 1 Explain the steps in developing pattern ...

Question 1 Explain the steps in developing pattern for built-up neckline and cowl neckline along with  diagrams Question 2 What is pegged skirt? Explain the method of develo

Management by objectives (mbo), Management by Objectives (MBO) Manageme...

Management by Objectives (MBO) Management technique is based on target-setting theory in which employees are given specific measurable goal to achieve. MBO has been shown to

Incentives, I ncentives These are rewards given when vendor/contractor...

I ncentives These are rewards given when vendor/contractor exceeds your expectation. Incentives should increase contractor?s profit. Incentives can be categorised as:

Describe why planning is vital in preparing a daily plan, QUESTION 1 Ca...

QUESTION 1 Caring for differences in Early Childhood Centres has become very important. Briefly explain why QUESTION 2 Briefly describe why planning is important even i

Ordering procedure - periodicals procurement, Ordering Procedure: We h...

Ordering Procedure: We have discussed the procedure until the selection is finalised and the lists and the cards are forwarded to  the Procurement Section for placing orders.

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