Verify and pay contractor running account bills

Check each running account bill against recorded measurements, contract rates, approved variations and accepted test reports, then apply recoveries and statutory deductions. Finance can release the net payment with deduction certificates and keep micro and small supplier bills within the statutory payment period.

Starts when

Receipt of a running account or final bill from a contractor or supplier.

Runs: Monthly per contract; many bills per week across the undertaking.

People in the process

FFinanceProcess Owner
PProject SiteParticipating Team
QQuality AssuranceParticipating Team
CContractsParticipating Team
CCompetent AuthorityParticipating Team

The process is a starting point. The standards are yours.

Configure for the enterprise’s applicable procurement rules, policies and delegation of powers. Financial concurrence, award and acceptance use the designated authority.

Keep the work connected.

Finance

Monitor contractor bank guarantees through extension, release or invocation

Confirm each bid, performance and advance guarantee with the issuing bank, enter it in the guarantee register and flag upcoming expiries to contract owners. Finance can extend, release or invoke each guarantee against the contract position and prevent security from lapsing.

Procurement

Evaluate public tenders and approve the contract award

Match each bid to the published qualification criteria, technical specification, financial comparative statement and stated purchase preferences. The tender committee can recommend an award that the competent authority approves within its powers, with a complete evaluation file ready for audit.

TTFVC

Contracts

Decide contract variations and time extensions with liquidated damages

Trace each variation or extension request to hindrance register entries, drawings, correspondence, delay apportionment and rate analysis. The competent authority can approve the change and levy, reduce or waive liquidated damages with recorded reasons, while Finance updates the contract value used for billing.

PPFC

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Order for the work. Room for the people.