A construction contract has the following conditions pertaining to payment.
The Contractor is paide an Advanced Payment = 15% of the Contract Amount.
The deductions shall commence in the next interim Payment Certificate following that in which the total of all certified interim payments (excluding the advance payment and deductions and repayments of retention) exceeds 50 per cent (50%) of the Accepted Contract Amount provided that the advance payment shall be completely repaid prior to the time when 100 per cent (100%). The repayment amortization rate of advanced payment at 30%
The monthly progress payment is subject to a Retention Sum = 10% but limited to 5% of the Contract Amount.
For ease of calculation the Contract Amount is $100.
I aprreciate your help to calculate the retention sum and the recovery of the advanced payment based on the conditions stated above.
The Contractor is paide an Advanced Payment = 15% of the Contract Amount.
The deductions shall commence in the next interim Payment Certificate following that in which the total of all certified interim payments (excluding the advance payment and deductions and repayments of retention) exceeds 50 per cent (50%) of the Accepted Contract Amount provided that the advance payment shall be completely repaid prior to the time when 100 per cent (100%). The repayment amortization rate of advanced payment at 30%
The monthly progress payment is subject to a Retention Sum = 10% but limited to 5% of the Contract Amount.
For ease of calculation the Contract Amount is $100.
I aprreciate your help to calculate the retention sum and the recovery of the advanced payment based on the conditions stated above.
