*Project Accounting and Punch List

Question 1

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

Answer 1

Substantial Completion

Question 2

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

Answer 2

progress payment or billing schedule

Question 3

What are time-based payments?

Answer 3

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

Question 4

What are milestone-based payments?

Answer 4

Outline payments with specific stages of the project are complete.

Question 5

What are completion-based payments?

Answer 5

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

works well on projects with clear, itemized budgets and schedules

Question 6

What details are included on an application for payment?

Answer 6

• 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

Question 7

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

Answer 7

Certificate of substantial completion

Question 8

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

Answer 8

• 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

Question 9

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

Answer 9

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

Question 10

Which does not happen during project close-out?

Answer 10

verify correction of punch list items

This happens during the contract administration phase