TAMARACK NORTH HAS VARIOUS PROCEDURES AND CONTROLS IN PLACE TO MONITOR THE COST OF THE CONTRACT.
Itemized Billing Summary An itemized billing summary is usually published after each billing cycle and tracks the original budget value for each line item from the estimate, change order amounts agreed to for each line item as well as the amount billed within the contact of each line item. The itemized billing summary also acts as a primary project management tool to forecast the completed costs of each line item as well as the completed cost of the total contract.
Monthly Progress Invoice The monthly progress invoice is issued either directly to the owner or to the owner’s rep (Architect). When submitted to the owner’s rep, it is generally referred to as an Application for Payment. Upon receipt, the payment certifier issues a Certificate of Payment which is forwarded to the owner for payment release.
Includes all back-up documents; including copies of material invoices and sub-contractor payments.
APPLICATION FOR PAYMENT Project: Sample Cottage To: XXXXXXX
Date: XX/XX/XX Amount: $123,894.12
Includes original budget amount, amount completed to date, change order amount, etc.
STATEMENT OF ACCOUNT Original Cottage Budget: Cottage Change Orders: Approved Budget to Date
Purchase Order An internal document issued to material suppliers based on Project Manager obtaining the best possible price for the material being purchased.
$1,787,546.00
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$1,787,546.00 $232,380.97 $2,019,926.97 $431,271.14 $1,588,655.83 $401,743.03 $52,226.59 $453,969.62 ($22,698.48)
HST
Approved Budget to Date including HST Amount to Be Certified To Date including HST Balance Not Certified Including HST Estimated value of work Finished to Date
Unit rates and quantities are compared to original budget prior to a purchase order being issued.
Subcontract Agreements An internal document issued to subcontractors identifying the contract price and the agreed upon scope of work for the project. Unit rates and quantities are compared to original budget prior to purchase order being issued. Change Requests and Change Orders A change request is sent to a customer when they request a deviation from the design drawings. The change request includes pricing and impact on the construction schedule along with an outline of the proposed scope for the intended change.
HST (#12370 2516RT0001)
Estimated Value of Work Finished to Date incl. HST Less 5% Holdback of Work Finished to Date incl. HST
Holdback Released - Amount to be Certified to Date Incl. HST Total of Previous Certificates incl. HST Amount of this Certificate incl. HST
$431,271.14 $307,377.02 $123,894.12
Upon acceptance of the change request by the customer, a change order is published and added to the contract value of work.
CONSTRUCT ION MANAGEMENT PROCEDURES & CONTROLS
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