Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare Payment Certificate No. 6 in the prescribed format. Calculate the payment due to the main contractor for that particular month with the following information.

Prepare Payment Certificate No. 6 in the prescribed format. Calculate the payment due to the main contractor for that particular month with the following information. Pls, do it step by step for my understanding. Certificate No. 6 means the owner has been paying for the last 5 months of work done and now have to calculate for the 6 months payment of the work done.

Contract sum $5,000,000

Retention for work done 10%

Retention for unused materials on site 20%

Limit of retention 5% of contract sum

Value of work done to date $1,200,000

Value of unused materials on-site $200,000

Accumulated payment paid to contractor $1,100,000

$50,000 was spent from the provisional sum for piling.

Value of work done by the nominated subcontractor for electrical installations was $100,000.

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modern Database Management

Authors: Heikki Topi, Jeffrey A Hoffer, Ramesh Venkataraman

10th Edition

0132998440, 9780132998444

More Books

Students also viewed these General Management questions

Question

2. Ask questions, listen rather than attempt to persuade.

Answered: 1 week ago