A platform for research: civil engineering, architecture and urbanism
A platform for research: civil engineering, architecture and urbanism
In the building construction world, payments are usually made by the employer to the contractor in return for the construction of a building. Payments are rarely made as a single payment unless the project is very small. The practice of making payments to the contractor at intervals throughout the contract period is to ease cashflow. Most building contracts make the payment of the contractor dependent on the architect issuing a certificate showing the amount to be paid. When one certifies the amount due to the contractor, it is not essential that one gets the figure precisely right. The purpose of certifying payments is to provide the contractor with adequate cashflow. It is quite common for employers to be funded by banks or mortgage companies. In those cases, the payments to the employer are usually preceded by a site visit from a surveyor appointed by the bank or mortgage company.
In the building construction world, payments are usually made by the employer to the contractor in return for the construction of a building. Payments are rarely made as a single payment unless the project is very small. The practice of making payments to the contractor at intervals throughout the contract period is to ease cashflow. Most building contracts make the payment of the contractor dependent on the architect issuing a certificate showing the amount to be paid. When one certifies the amount due to the contractor, it is not essential that one gets the figure precisely right. The purpose of certifying payments is to provide the contractor with adequate cashflow. It is quite common for employers to be funded by banks or mortgage companies. In those cases, the payments to the employer are usually preceded by a site visit from a surveyor appointed by the bank or mortgage company.
Payment
Chappell, David (author)
2020-01-07
3 pages
Article/Chapter (Book)
Electronic Resource
English
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