Question
Briefly explain the terms
a. Partial payments
b. Retention money
c. Acceptance of work
d. Liquidated damages
e. Professional liability insurance
Answer :
Word Count : 544
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Skip in 10
Partial payments are interim payments made by the client to the contractor during the progress of construction work. Instead of paying the entire contract sum at the completion of the project, the client releases payments periodically based on the value of work executed at site. These payments are generally certified by the architect or engineer after measurement and verification of completed quantities. Partial payments help maintain the contractor’s cash flow, enabling procurement of materials, payment of labor wages, and continuation of work without financial interruption. They are usually made according to the terms specified in the contract, such as monthly running bills or stage-wise completion. Proper documentation, measurement books, and certification are essential to ensure transparency and avoid disputes. Retention money is a percentage of the amount due to the contractor that is withheld by the client from each interim or partial payment. It serves as a financial safeguard to ensure that the contractor completes the work satisfactorily and rectifies any defects that may arise during the defect liability period. Typically, a fixed percentage,
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