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Chapter 11
Progress Payments
Review Questions:
1. How does the type of contract influence the format of the payment request?
2. What is a schedule of values? Why is it required by project owners?
3. What type of data is submitted to support a payment request on a negotiated contract?
4. What type of data is submitted to support a payment request on a lump-sum contract?
5. What is retention? What is it used for?
6. What is a lien?
7. What is the relationship between a payment bond (Chapter 2) and a lien?
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until final completion of the project.
8. What are interim lien releases used for?
9. Why are final lien releases requested by owners as part of the final payment process?
10. How can slow payment from the owner affect the financial stability of a contractor?
