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

Non conventional indexing and filing equipment , Non Conventional Indexing ...

Non Conventional Indexing and Filing Equipment -libraray equipment-libraray management Use of mechanical devices for sorting information recorded on special kinds of cards lik

Factors in designing a project structure, Factors in designing  a project ...

Factors in designing  a project structure The project's success is defined by a properly designed organisation chart. An organisation chart shows where each person is positione

Project quality management, Overview of Project Quality Management The ...

Overview of Project Quality Management The process of ensuring all project activities, that are necessary to plan, design and implement a project are efficient and effective wi

Periodicals procurement, PERIODICALS PROCUREMENT: We have dealt with t...

PERIODICALS PROCUREMENT: We have dealt with the selection of periodicals. Logically, the next step is procurement of the selected periodicals.  Hence,  this section is devoted

Definition of library classification, Definition of Library Classification:...

Definition of Library Classification: Having understood the meaning of classification in library science, let us now go through a few well-known definitions of library classif

Macrowriting, Macrowriting This term discover issues in written documen...

Macrowriting This term discover issues in written documents that have to do with the document as a whole. Important macrowriting parts include the overall company logics there

Problems of dds and role of internation organisation, PROBLEMS OF DDS AND R...

PROBLEMS OF DDS AND ROLE OF INTERNATION ORGANISATION: Copyright issues, non-availability of publications and restrictions imposed on the storage and delivery of documents elec

Explain a.e.i.o.u model, Question 1 Define conflict. Discuss four ingredie...

Question 1 Define conflict. Discuss four ingredients of conflict Question 2 Discuss four different types of conflicts which may occur in any organization Question 3 List

What is fibre, Question 1) What is fibre? Explain classification of natura...

Question 1) What is fibre? Explain classification of natural fibers Question 2) Narrate the characteristics of Polyester fabrics Question 3) Write short notes on c

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