Senior Projects Manager | Field & Marten AssociatesNew Westminster, British Columbia, Canada
In Canada, usually there is a difference because the final payment can include payment for Holdbacks retained throughout the project that require a specific statuary declaration and posting the certificate of completion from the Architect on site for 55 days to ensure there is no lean by any subcontractor on the project.
It differs from one country to another. When I used to work in the Gulf region, they final payment as just the final progress draw. Saving Changes...
While not coming from the Construction industry, in the other industries where I worked, the final payment covered any additional amounts related to unsettled claims and was often accompanied by a formal notification of contract closure from the buyer.
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FRANCA OHIENQuantity Surveyor| Sterling Oil Exploration and Energy Production CompanyLagos, Lagos, Nigeria
Final payments here in Nigeria does not include retention. Retention monies are released 6months after practical completion of the project. Saving Changes...
When it comes to holdback or retention payments, it depends on what does are related to in the contract. In some cases, the conditions for them to be released might be met at project end whereas in others (e.g. if a warranty period is tied to the holdback), those would not be released at project end.
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Pankaj PaliwalProject & Program Manager| CencoraPune, Maharashtra, India
Hi Riad -
In terms of process & documentation needed towards the Progress & Final Payment, purely depend on the type contract you have signed initially.
However, as per term Progress Payment can be considered to execute when a certain progress made based on the agreed milestones, and Final Payment will be done by completion of project or end of contract, which will include all additional expenses that may have incurred as project need & approved too.
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