This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: How are owners often assured of receiving realistic schedules from the contractors? What will be ... (Read 166 times)

BrownTown3

  • Hero Member
  • *****
  • Posts: 564
on: Jul 26, 2018
How are owners often assured of receiving realistic schedules from the contractors?
 
  What will be an ideal response?

Question 2

What distinguishes the last periodic payment from the final payment made to the contractor on most construction projects?
 
  What will be an ideal response?


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

cassie_ragen

  • Sr. Member
  • ****
  • Posts: 347
Reply #1 on: Jul 26, 2018
Answer to Question 1

As with schedules of values, owners often have greater assurances of receiving
realistic schedules when payments are linked to them. The contractor has a considerable
incentive to submit a realistic schedule if a provision states no progress payments will be
made for any work until a satisfactory schedule has been submitted to the Owner's
Representative.

Answer to Question 2

The last periodic payment is made after a project has reached substantial
completion. After the last periodic payment is made, the owner still will be withholding
the retainage. The retainage, often as much as 10 of the contract amount, is released at
the point of final completion in the form of the final payment. The punch list typically
separates the last periodic payment and the final payment.


BrownTown3

  • Member
  • Posts: 564
Reply 2 on: Jul 26, 2018
Wow, this really help

bigcheese9

  • Member
  • Posts: 333
Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

« previous next »
 

Did you know?

Patients who cannot swallow may receive nutrition via a parenteral route—usually, a catheter is inserted through the chest into a large vein going into the heart.

Did you know?

Certain chemicals, after ingestion, can be converted by the body into cyanide. Most of these chemicals have been removed from the market, but some old nail polish remover, solvents, and plastics manufacturing solutions can contain these substances.

Did you know?

Drug-induced pharmacodynamic effects manifested in older adults include drug-induced renal toxicity, which can be a major factor when these adults are experiencing other kidney problems.

Did you know?

For about 100 years, scientists thought that peptic ulcers were caused by stress, spicy food, and alcohol. Later, researchers added stomach acid to the list of causes and began treating ulcers with antacids. Now it is known that peptic ulcers are predominantly caused by Helicobacter pylori, a spiral-shaped bacterium that normally exist in the stomach.

Did you know?

Amoebae are the simplest type of protozoans, and are characterized by a feeding and dividing trophozoite stage that moves by temporary extensions called pseudopodia or false feet.

Continuous positive airway pressure (CPAP) device. The sleeping subject is receiving the benefits of Continuous positive airway pressure (CPAP) device. The sleeping subject is receiving the benefits of
Change in Drawing Abilities from Early to Middle Childhood Drawings become more realistic as fine m Change in Drawing Abilities from Early to Middle Childhood Drawings become more realistic as fine m
Selected Vaccines and Their Schedules Selected Vaccines and Their Schedules
Selected Vaccines and Their Schedules Selected Vaccines and Their Schedules
Darius And Xerxes Receiving Tribute Darius And Xerxes Receiving Tribute
Lobes of the brain, with primary receiving and integrating centers of the human cerebral cortex. Lobes of the brain, with primary receiving and integrating centers of the human cerebral cortex.
Video: Male Reproductive System - The gonadotropin releasing hormone

For a complete list of videos, visit our video library