Highway construction payment valuation
Project Documentation
Payment Application Review
Site Inspection
- Schedule visits during working hours.
- Bring necessary tools for measurement.
- Take photographs of completed work.
- Review project plans on-site.
- Engage with site personnel for insights.
- Obtain the latest payment application.
- Identify key project milestones in claims.
- Cross-check work completed with application.
- Highlight areas of overstatement or understatement.
- Discuss findings with project manager.
- Use a standardized template for reporting.
- Include dates, locations, and specific details.
- Take clear photographs of discrepancies.
- Share findings with the project team.
- Maintain a record for future reference.
- Review project specifications before inspection.
- Assess workmanship against industry standards.
- Identify any deviations from specifications.
- Note areas needing rework or correction.
- Provide feedback to contractors on quality.
Calculation of Payment Valuation
- Measure completed work against project plans.
- Use project specifications for accurate quantity determination.
- Ensure quantities reflect actual field measurements.
- Document any discrepancies immediately.
- Refer to the contract for agreed unit prices.
- Multiply quantities by the respective unit prices.
- Ensure correct application of price adjustments if applicable.
- Verify calculations for accuracy before submission.
- Review all approved change orders.
- Calculate adjustments to quantities and prices based on changes.
- Incorporate these adjustments into the payment valuation.
- Document the rationale for all changes made.
- Identify any retainage percentages specified in the contract.
- Calculate total retainage based on completed work.
- Subtract retainage from the total payment valuation.
- Ensure compliance with contractual terms regarding holdbacks.
Change Orders and Adjustments
- Collect all submitted change orders from contractors.
- Analyze changes in project scope and specifications.
- Ensure all documentation is complete and accurate.
- Check for adherence to contract terms and conditions.
- Assess the justification for each change order.
- Consult with project managers and stakeholders.
- Evaluate how changes affect timelines and costs.
- Document findings and recommendations for approval.
- Recalculate payment amounts reflecting approved changes.
- Ensure adjustments align with contract provisions.
- Communicate changes to accounting and finance teams.
- Update project budget and forecasts accordingly.
Final Review and Approval
- Gather all data and analysis results.
- Organize findings clearly by categories.
- Include supporting documents and references.
- Ensure accuracy and completeness of information.
- Format the report for clarity and professionalism.
- Schedule a presentation meeting.
- Prepare a concise summary of key findings.
- Use visual aids to enhance understanding.
- Encourage questions and discussion.
- Document feedback for future reference.
- Identify all required approvers.
- Submit the report and supporting documents.
- Follow up to ensure timely review.
- Address any questions or concerns raised.
- Obtain written confirmation of approvals.
- Verify approval status and payment amount.
- Prepare payment documentation.
- Process payment through the financial system.
- Notify contractor of payment status.
- Keep records of transaction for auditing.
Record Keeping
Post-Payment Review
- Schedule site visits to assess ongoing work.
- Communicate with project managers for updates.
- Verify compliance with contractual obligations.
- Document any deviations from the contract.
- Provide feedback to relevant stakeholders.
- Review outstanding claims against the project.
- Engage with contractors regarding unresolved issues.
- Maintain a log of all communication regarding claims.
- Assess the impact of issues on project timeline.
- Prepare a report summarizing outstanding claims.
- Analyze past payment processes for inefficiencies.
- Gather feedback from team members involved in payments.
- Identify common bottlenecks in the payment process.
- Propose changes based on findings.
- Document lessons learned for future reference.
Use in Manifestly