Progress Invoicing
In the Open Standard
Tarek BarhamMember for 18 years 5 months
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Oldest first- 0Samer Zawaydeh ·Dear Tarek,
It depends on the type of Contract that you have. Usually, Interim payment are made on a monthly payment. The Planner reviews the monthly progress and reports the quantities completed. Then the Unit prices in the BOQ is used to calculate the total value of the executed works. The amount should be over the minimum amount specified in the Contract.
In most Contracts, you need to discount about 10% against the recovery of the down payments, and keep 10% as retentions.
Other rules might apply, such as delay penalties and special deductions as per Contract requirements.
If you have any specific question, please ask.
Good luck,
Samer
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