What is required from the contractor for each progress payment under the relevant act?
Understand the Problem
The question is asking about the requirements that must be met by a contractor to receive progress payments under a specific act. It presents four multiple-choice options that suggest documentation related to construction contracts.
Answer
Estimates to complete, performance bond, and detailed work schedule are required from contractors.
Contractors must provide updated estimates to complete the work, and for non-IT goods, they must also offer a performance bond. Additionally, a schedule detailing each phase of the work is required, outlining the type and amount of work or services to be completed.
Answer for screen readers
Contractors must provide updated estimates to complete the work, and for non-IT goods, they must also offer a performance bond. Additionally, a schedule detailing each phase of the work is required, outlining the type and amount of work or services to be completed.
More Information
Progress payments require contractors to maintain up-to-date records and assurance of performance, ensuring project stakeholders are aligned on expectations and deliverables.
Tips
A common mistake is not keeping work estimates current, which can lead to disputes or delayed payments.
Sources
- 52.232-16 Progress Payments. - Acquisition.GOV - acquisition.gov
- Progress Payments - 1901.3 - DGS (ca.gov) - dgs.ca.gov
- California Code, BPC 7159. - leginfo.legislature.ca.gov
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