Project Finance Control and Reporting Flashcards
On PWI, can you give an example of a Provisional Sum which was included in the contract?
Undefined Prov Sum: Temporary GRP.
Defined Prov Sum:
Performance Bond (cost). Temporary Plantroom C.
What is the difference between a defined provisional sum and undefined provisional sum?
A defined provisional sum has enough detail and information for the Contractor to allow for time in the programme. Undefined the Contractor may be entitled to additional time and money (loss or expense).
Can you talk me through the cost report you produced?
1) Front cover
2) Document Control
3) Contents
4) Dashboard (cashflow, prov sums status, movement summary)
5) Exec Summary
6) Basis of Cost Report
7) Summary
8) Transfers
9) Procurement / PO’s
10)Prov Sums
11) Instructions
12) Anticipated Variations
13) Claims
14 ) Risks
15) Funding
On Chelsea Barracks (Design and Build Contract) you mention final accounts. What are the timescales under a D&B for agreeing final acounts?
Within 3 months of receiving PC certificate, the Contractor will provide their final account statement.
If the contractor fails to do so, then the Client can issue a reminder that a final statement is due.
If the contractor still does not issue a final statement, then the Client may issue one of their own.
What is the timeline for a final account on JCT SBC?
Within 6 months of CA issuing PC certificate, the Contractor will provide all documentation necessary to make adjustments to the Contract Sum.
Failure to do 6 months, the CA may at any time give the contractor 1 month notice to supply such information.
If this is still not given then the CA (or QS) must make an assessment of Loss and expense, and adjustments to the contract sum with the information they have.
Then, no later than 3 months after the receipt of the above, the CA (or QS) will ascertain any amount of loss and expense due to the contractor, as well as any other adjustments to the contract sum
