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Questions and Answers
What is the purpose of project progress payment in construction?
What is the purpose of project progress payment in construction?
- To encourage the contractor to complete the project on time (correct)
- To reduce the financial burden on the contractor
- To compensate the contractor for the entire project at once
- To provide a lump sum payment at the beginning of the project
Which party typically requests for project progress payments?
Which party typically requests for project progress payments?
- Client
- Contractor (correct)
- Subcontractor
- Government agency
How are project progress payments usually calculated?
How are project progress payments usually calculated?
- According to a predetermined schedule of values (correct)
- In equal monthly installments
- As a fixed lump sum amount
- Based on the contractor's total expenses
