What method is used to determine the value of a progress claim on-site?
Question
What method is used to determine the value of a progress claim on-site?
Solution
Determining the value of a progress claim on-site involves several steps:
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Review the Contract: The first step is to review the contract. The contract should outline the terms and conditions for progress payments, including the method for calculating the value of the claim.
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Assess the Work Completed: The next step is to assess the work that has been completed on-site. This involves comparing the work completed to the work outlined in the contract.
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Calculate the Value: Once the work completed has been assessed, the next step is to calculate the value of the work. This is typically done by multiplying the percentage of work completed by the total contract value.
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Consider Variations: If there have been any variations to the work outlined in the contract, these should also be considered when determining the value of the progress claim. Variations could include changes to the scope of work or changes to the cost of materials.
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Prepare the Claim: The final step is to prepare the progress claim. This should include a detailed breakdown of the work completed, the value of the work, and any variations. The claim should then be submitted to the client for approval.
Remember, it's important to keep detailed records of all work completed on-site, as this will support your progress claim and help to avoid any disputes.
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