Contractor Payment Implications: Key Factors
In the Contractor Payment Implications section, it’s important to understand the process of how payments are made to the contractor during a construction project. A request for payment scenario involves determining the amount of the contract sum properly allocable to completed work, materials and equipment delivered, previous payments made by the owner, and any amounts that the architect has withheld or nullified a certificate for payment. The amount of each progress payment shall be computed by multiplying the percentage completion of each portion of the work by the share of the contract sum allocated to that portion of the work in the schedule of values.