- 1 Marks
Question
What is the basis for requesting for progress payments on an on-going contract?
A. Contractor’s invoice
B. Architect’s certificate
C. Bill of quantities
D. Inspection report
E. Certificate of Occupancy
Answer
B. Architect’s certificate
Explanation: Progress payments in construction or service contracts are typically requested based on the architect’s certificate, which certifies the percentage of work completed to date. This document serves as the official approval for the contractor to receive partial payments. The correct answer is “B” because the architect’s certificate is the formal document needed for progress payments in most contracts.
- Tags: Contract Costing, Payments
- Level: Level 1
- Topic: Costing Methods
- Series: MAY 2018
- Uploader: Theophilus