*Project Accounting and Punch List Flashcards
The punch list is required for the designer to be able to determine:
Substantial Completion
What is the most common payment method schedule for medium to large-size construction projects?
progress payment or billing schedule
What are time-based payments?
Payments are made in equal distribution. There are monthly payments with set dates.
What are milestone-based payments?
Outline payments with specific stages of the project are complete.
What are completion-based payments?
payments are due at regular intervals based on the progress of the project.
works well on projects with clear, itemized budgets and schedules
What details are included on an application for payment?
- 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
When do the responsibilities of warranties, utilities, and maintenance shift?
Certificate of substantial completion
What are the items the contractor must submit to the owner for final payment
- 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
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
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
Which does not happen during project close-out?
verify correction of punch list items
This happens during the contract administration phase
What is the correct sequence of documentation during the final phases of a project?
Electrical inspection, construction Certificate of Occupancy, punch list, Certificate of Substantial Completion, certificate of final payment to the designer, maintenance schedule