*Project Accounting and Punch List Flashcards

1
Q

The punch list is required for the designer to be able to determine:

A

Substantial Completion

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2
Q

What is the most common payment method schedule for medium to large-size construction projects?

A

progress payment or billing schedule

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3
Q

What are time-based payments?

A

Payments are made in equal distribution. There are monthly payments with set dates.

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4
Q

What are milestone-based payments?

A

Outline payments with specific stages of the project are complete.

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5
Q

What are completion-based payments?

A

payments are due at regular intervals based on the progress of the project.

works well on projects with clear, itemized budgets and schedules

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6
Q

What details are included on an application for payment?

A
  • issued by the contractor at least 10 days before the agreed-upon payment date
  • includes value of work completed
  • Includes value of materials purchased and stored but not yet used on job site
  • retainage (5-10%) is withheld until the entire project is completed and approved by the designer
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7
Q

When do the responsibilities of warranties, utilities, and maintenance shift?

A

Certificate of substantial completion

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8
Q

What are the items the contractor must submit to the owner for final payment

A
  • All warranties and maintenance contracts, operating instructions, certificates of inspections of equipment and systems
  • Certificate of Occupancy (CO) issued by the local building regulatory office
  • Set of drawings, if required by the Owner-Contractor Agreement
  • Extra stock materials, as indicated in the specifications
  • Final keying of locks and key turnover to the owner
  • Final cleaning
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9
Q

If it appears to the interior designer that the dollar amount requested on the contractor’s application for payment exceeds the work completed and material stored, the designer should

A

certify only the amount that the designer believes represents the work completed and stored, and attach a letter explaining why the amount certified differs from the amount applied for

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10
Q

Which does not happen during project close-out?

A

verify correction of punch list items

This happens during the contract administration phase

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11
Q

What is the correct sequence of documentation during the final phases of a project?

A

Electrical inspection, construction Certificate of Occupancy, punch list, Certificate of Substantial Completion, certificate of final payment to the designer, maintenance schedule

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