Finance, Marketing &
We provide for the complete Project
Management process including:
7. Owner Acceptance
& Progress Payments
Acceptance and progress payments is strictly
business. It didn't used to be like this, but in today's world it
is. Producer project managers often have concerns that politely insisting
on contract terms will put them in an adversarial role with their customer.
That's not the case. There is never a need for embarrassment or for
unprofessional behavior, and always the need for polite persistence.
Progress billing Insure
that progress billing is timely and follows customer protocols.
Late payments While ongoing
collection operations should be handled by the accounts receivable clerk,
project management needs to be involved in any short payment or a payment
that does not conform to expectations in payment date or otherwise.
These are often a signal of problems on the job. Go to the owner
if you are being given the run-around by the GC.
Problems Insure that owner
and GC concerns are resolved as they occur. It is a tempting
mistake avoid confronting and resolving problems assuming that they will
work themselves out through time. Document fully and promptly any
disputes or possible deductions and insure they are timely resolved.
Unresolved and undocumented issues on the job are the most common source
of controversy and payment delays.
Inspections You should have an
agreement with your customer for prompt inspection of completed work.
This helps in approval of progress payments and minimizes the punchlist.
This progress inspection should be keyed to partial return of retainage,
but that will have to be negotiated before you sign the contract.
Lien releases Carefully
read all lien releases to insure that it does not waive prior unresolved
Lien right expiration As
a matter of policy, a producer should never let it's lien or bond claim
rights expire. Know the law in the state in which you are operating
and conform to the exact requirements of the state law. A technical
fault is usually fatal.
for the Precast Industry