Podcast
Questions and Answers
What percentage of the contract must be accomplished before no further retention is made on progress billings for the balance of the work?
What percentage of the contract must be accomplished before no further retention is made on progress billings for the balance of the work?
- 100%
- 50% (correct)
- 25%
- 75%
How long does the owner have to pay the contractor after receiving a request for payment?
How long does the owner have to pay the contractor after receiving a request for payment?
- 15 days
- 30 days (correct)
- 45 days
- 60 days
What is the basis for estimating the value of work accomplished by the contractor?
What is the basis for estimating the value of work accomplished by the contractor?
- Industry standards
- The contractor's invoices
- The owner's discretion
- The schedule stipulated in the Breakdown of Work and Corresponding Value (correct)
What is the consequence of subletting or subcontracting work without the owner's consent?
What is the consequence of subletting or subcontracting work without the owner's consent?
What is the process after the contractor notifies the owner that the work is complete?
What is the process after the contractor notifies the owner that the work is complete?
What is the purpose of retaining a percentage of the progress billings?
What is the purpose of retaining a percentage of the progress billings?
What is the role of the owner in the payment process?
What is the role of the owner in the payment process?
What happens when the contractor notifies the owner that the work is complete?
What happens when the contractor notifies the owner that the work is complete?
What is the significance of the Breakdown of Work and Corresponding Value?
What is the significance of the Breakdown of Work and Corresponding Value?
What is the purpose of the acceptance and final payment process?
What is the purpose of the acceptance and final payment process?
