Progress Payment Calculations in Lump Sum Contract: Circle what is correct (Yes

Question

Progress Payment Calculations in Lump Sum Contract: Circle what is correct (Yes or No) (Y N) Documentation of a progress payment claim or request typically requires development of quantities placed. This may include survey data developed by a site survey team, documents from vendors indicating receipt and installation of material, invoices from subcontractors, and the like. (Y / N) If the contract is a lump or stipulated sum contract, then the quantities documented must be converted to a % complete of the total project. (Y / N) The assessment of % complete or % of work placed must be agreed to by both parties (i.e. client and contractor)

Explanation / Answer

All three are correct.

Documentation of a progress payment claim or request typically requires development of quantities placed. This may include survey data developed by a site survey team, documents from vendors indicating receipt and installation of material, invoices from subcontractors, and the like.

If the contract is a lump or stipulated sum contract, then the quantities documented must be converted to a % complete of the total project.

The assessment of % complete or % of work placed must be agreed to by both parties (i.e. client and contractor)

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