Definition and Administration of Contractual Payments

Description

This Skill Bit shows that Contractual payments in construction projects cover payments for services, materials, and costs outlined in the contract. These include payment schedules and methods like checks or electronic transfers. Effective management ensures projects stay on budget and schedule through accurate record-keeping and communication, while contracts may include dispute resolution and penalties for late payments. Administering payments involves reviewing terms, tracking documentation, verifying invoices, and ensuring timely processing, minimizing conflicts and ensuring all parties are paid correctly and on time.

Duration approx. 4 Min.

Tier: basics