Progress Billing Procedure | REV108

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Progress Billing REV108

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easily editable in ms wordProgress Billing Procedure

The purpose for creating progress billings is to obtain 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. (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 ProcedureProgress Billing Procedure Activities

  • Contract Types
  • Breakdown of Contract Amount
  • Progress Claims
  • Release of Holdback

 

SKU: REV108 Tag: .

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