Payment Flashcards
1
Q
What are the 2 main types of payments?
A
Lump sum
interim payment (cost plus)
2
Q
what is retention?
A
A percent of money (usually 3%) paid into an account
Half released at practial completion
other half after full completion - after certificate of making good
3
Q
What is fluctuations?
A
change in contract price, usally an increase.
fluctuations options offer ways of re-eveulating prices
4
Q
What is a pay Less Notice?
A
money to be paid to the contractor, it is less then the interium vaulation.
the notice must provide adeqaute evidance of the new vaule. the QS evulates the contractors work.
5
Q
when the CA is issuing a interium vaulation, what should they inculde? (3)
A
- Bill of omissions and additions
varations - architects instructions - Materials on site
- Retention cost
6
Q
Draw the JCT payment Timeline
A
