03-16-2010, 06:15 PM
Gaurantees for completion of work must also be considered.
Mobilization advance may be 10 to 15% of contract revenue.
Performance security at the rate of 5% of total contract revenue may also be withheld for future escaping.
Time of progress billing must be defined and other terms and conditions must also be clear.
If default is made by contractor, rentention money and performance security may be utilized.
Construction formulii must also be worked out by your accounts department to reconsile the material used by contractor.
Mobilization advance may be 10 to 15% of contract revenue.
Performance security at the rate of 5% of total contract revenue may also be withheld for future escaping.
Time of progress billing must be defined and other terms and conditions must also be clear.
If default is made by contractor, rentention money and performance security may be utilized.
Construction formulii must also be worked out by your accounts department to reconsile the material used by contractor.
