14- A contractor is trying to work out the payment schedule expected for a project they recently won: The contract signed for a project has the following conditions: Materials value can be claimed up to 80% of the total value Deductions for advance payment and retention is 10% cach for the first month of monthly payment, 9% each for the second month, and it reduces 1% each in the following month. - Contract Value= 850,000 OMR including 10% contingencies 15 MARKS Contractor Statement Deductions Maximum Total Value of Advance Month claimed Value of Value of Advance Materials Others value of Interim Retention payment Work delivered Materials Certificate Money to site Recovery Payment Executed 1 2 170,000 51.000 19,000 3 98,000 32,000 4 275,000 5 5 55,000 36,000 6,000 All Values are in Omani Rials 14- A contractor is trying to work out the payment schedule expected for a project they recently won: The contract signed for a project has the following conditions: Materials value can be claimed up to 80% of the total value Deductions for advance payment and retention is 10% cach for the first month of monthly payment, 9% each for the second month, and it reduces 1% each in the following month. - Contract Value= 850,000 OMR including 10% contingencies 15 MARKS Contractor Statement Deductions Maximum Total Value of Advance Month claimed Value of Value of Advance Materials Others value of Interim Retention payment Work delivered Materials Certificate Money to site Recovery Payment Executed 1 2 170,000 51.000 19,000 3 98,000 32,000 4 275,000 5 5 55,000 36,000 6,000 All Values are in Omani Rials