What kinds of controls have owners included in their construction contracts to ensure the receipt of realistic schedules of values or schedules of payments from their contractors?
What will be an ideal response?
Owners have come to realize the value of linking the receipt of realistic
schedules of values or schedules of payments with the release of any periodic payments.
Provisions such as, "no progress payments will be made for any work until a satisfactory
schedule of values has been submitted to the Owner's Representative," place considerable
pressure on the contractor to be diligent in preparing a realistic schedule of values. Note
that the submittal of a schedule of values with severe front-end loading on billings could
result in its rejection and a considerable delay in the receipt of the first periodic payment
and possibly subsequent periodic payments. With payments being impacted, the owners
have reasonably good control on the quality of the schedules of values they receive.
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What will be an ideal response?
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What will be an ideal response?
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