Contract Price and Payment Quiz

NEDA

Philippine currency

Proof and necessary documentation

<p>Converted to Philippine currency using the exchange rate established by BSP</p> Signup and view all the answers

<p>Unit price or lump-sum</p> Signup and view all the answers

<p>No later than 45 days after contractor's invoice or claim submission</p> Signup and view all the answers

<p>Yes</p> Signup and view all the answers

<ol> <li>Deduct 15% from contractor's progress payments. 2. Recover advance within contract duration. 3. Reduce contractor's standby credit or guarantee/surety instrument.</li> </ol> Signup and view all the answers

<p>No incentives allowed</p> Signup and view all the answers

<p>First payment after 20% work completion, followed by monthly payments upon submission of Progress Billing or payment request, verified and approved by government project engineer.</p> Signup and view all the answers

<p>10% withheld from progress payments to cover defects and third-party liabilities, collected until 50% of works' value is achieved, released after defects liability period if work is satisfactory and on schedule.</p> Signup and view all the answers

<p>Final payment made upon 100% completion of work, with 10% retention for defects and maintenance costs for one-year post-project, reduced by remaining balance to return 15% advance payment to government.</p> Signup and view all the answers