How to prepare a Payment Application Summary as a quantity surveyor?
As a Quantity Surveyor, one of your primary responsibilities is to prepare payment applications that reflect the work done on a construction project. Payment Application Summaries are essential in ensuring that contractors and subcontractors are paid for the work they have completed. The summary should be accurate, detailed, and provide a clear picture of the progress of the project. Here are some steps to follow when preparing a Payment Application Summary:
Start by reviewing the contract documents
Before you begin, review the contract documents to familiarize yourself with the payment terms, project scope, and any specific requirements. This will ensure that you have a clear understanding of what work has been completed and what work is still outstanding.
Gather information about the completed work
To prepare the Payment Application Summary, you need to collect information about the work that has been completed during the billing period. This information may include:
Review the completed work
Review the information collected to ensure that the work completed matches the project scope and the contract requirements. Check for errors or omissions and ensure that the information is accurate and up-to-date.
Calculate the value of the completed work
Next, you need to calculate the value of the completed work. This is done by multiplying the completed work by the contract rate. You should also factor in any agreed-upon change orders or variations to the original scope of work.
Include a summary of outstanding work
The Payment Application Summary should also include a summary of the work that is yet to be completed. This should be broken down into manageable sections and include a description of the work, the estimated cost, and the projected completion date.
Check for accuracy
Before submitting the Payment Application Summary, it is essential to double-check all calculations and ensure that the information presented is accurate and comprehensive. Any errors or omissions could delay the payment process and cause unnecessary problems.
Submit the Payment Application Summary
Finally, you can submit the Payment Application Summary to the client or the main contractor. Make sure to follow any specific instructions on the submission process and ensure that all required documentation is included. You may also need to include a signed certification that confirms the accuracy of the information presented.
In conclusion, preparing a Payment Application Summary is an essential part of a Quantity Surveyor's job. It is crucial to follow the steps outlined above to ensure that the summary accurately reflects the progress of the project and the work completed during the billing period. By doing so, you will help ensure that contractors and subcontractors are paid promptly and fairly for their work, which is crucial in maintaining positive working relationships on construction projects.