The Progressive Payment Policy is for creating progress billings payment for the portion of labor and materials used up to a certain point in time and before the project is fully completed. This improves the cash flow typical of long term projects or assignments. The Progress Billing Procedure applies to all service agreements or projects provided by the company requiring a progressive payment policy. (4 pages, 981 words)
Progress Billing Responsibilities:
The Project Manager is responsible for the confirmation of all final quantities..
The Administrative Services Manager is responsible for knowing the correct procedures to be followed for each contract.
Progress Billing Definitions:
Statutory Declarations – A statutory declaration is a sworn statement. For official purposes, it is signed by a person who is legally authorized to administer an oath (i.e. a lawyer, judge, or notary public).
Holdback Requirement – A condition in an agreement where money is withheld or “heldback” until a specific event or milestone occurs.
Progress Billing Procedure Activities
- Contract Types
- Breakdown of Contract Amount
- Progress Billing Claims
- Release of Holdback