Some Numbers Flashcards
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What is due date of contractor invoice if LG rep must first approve?
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25 business days from date invoice is stamped received.
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What is due date of contractor invoice if LG rep need not first approve?
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20 days from date invoice stamped received.
#s ----------- Other than # of days & requirement of approval, what is a distinction between due dates between invoice that requires pre-approval on that does not?
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Pre-approval is 25 BUSINESS days.
Non-approval is 20 days.
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What is significance of LG’s receipt of overdue notice?
#s ----------- After 4 business days of delivering an overdue notice, if LG does not reject the invoice it is deemed undisputed.
#s ----------- What is LG required to do if it disputes the invoice or the overdue notice?
#s ----------- w/i 20 days of receipt, provide written rejection, specifying deficiency & stating action to rectify.
#s ----------- If LG sent contractor a written rejection of an invoice & contractor revises the invoice, what now must LG do?
#s ----------- Pay or notice rejection: a) w/i 10 business days of receipt or b) 1st business day after LG's next meeting.
#s ----------- How long does a contractor have to pay its subs after receiving LG payment?
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10 days.
#s ----------- How long does subcontractor have to pay the sub-subcontractors after receiving contractor's payment?
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7 days.
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What are penalties for late payment?
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2% per month (more if agreed to in K).
NEW 2021 used to be 1%,
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What procedure must LG initiate if there is a payment dispute?
What’s the tight turn around?
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• w/i 45 days proper invoice was received,
commence its established dispute resolution procedure.
• w/i 60 days proper invoice was received, have final decision.
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Re: construction
Threshold amt requiring LG to announce for pro services?
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Exceeds $325k.
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Re: planning or study activity
Threshold amt requiring LG to announce for pro services?
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Exceeds $35k.
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What work is covered by 255.20?
#s ----------- Public Construct Inc. bridges, roads, streets, hiways, RRs • May req qualf • DQ if 10% behind • Prequl by DOT
#s ----------- What is dollar threshold for Construction?
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Over $300k*
* Includes labor, equip + materials
#s ----------- What is dollar threshold for Electrical?
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Over $75k