Question
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.
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