Quiz On Progress Payment

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| By ADIBAH0404
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ADIBAH0404
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Quizzes Created: 1 | Total Attempts: 165
| Attempts: 165
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  • 1/5 Questions

    Progress Payments are payments made based on the cost incurred by the contractors as work progresses under the contract.

    • True
    • False
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About This Quiz

This quiz contains 5 questions. Please choose the correct answers.

Quiz On Progress Payment - Quiz

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  • 2. 

    How to make sure that the work is done as it is claimed in Progress Payment?

    • Its is stated in the a written form to the owner.

    • The form is written to the owner with the architect's certification .

    • The form is written to the owner with the contractor's certification.

    • The form is written to the owner with the consultant's certification.

    Correct Answer
    A. The form is written to the owner with the architect's certification .
    Explanation
    To ensure that the work is done as claimed in the Progress Payment, a form is written to the owner with the architect's certification. This certification serves as a confirmation from the architect that the work has been completed according to the agreed-upon specifications and standards. It provides assurance to the owner that the payment being made is justified and that the work has been properly inspected and approved by a professional. The architect's certification adds credibility and accountability to the progress payment process, giving the owner confidence that the work has been done as claimed.

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  • 3. 

    There are two types of payment schedule established for construction contract. One of the type is:

    • A Unit Price Payment Schedule

    • Monthly Payment Schedule

    • Percentage Payment Schedule

    Correct Answer
    A. A Unit Price Payment Schedule
    Explanation
    A Unit Price Payment Schedule is one of the types of payment schedules established for construction contracts. In this type of schedule, the payment is based on the unit price of each item or activity involved in the construction project. The contractor is paid according to the quantity of work completed, multiplied by the agreed-upon unit price. This type of payment schedule provides transparency and allows for more accurate cost control as payments are directly linked to the actual work done.

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  • 4. 

    In Malaysia, what is the CIPA stands for?

    • Construction Industry Progress Acts

    • Construction Industry Payment and Adjudication Acts

    • Construction Industry Payment Acts

    • Construction Industry Progress and Payment Acts

    Correct Answer
    A. Construction Industry Payment and Adjudication Acts
    Explanation
    The correct answer is "Construction Industry Payment and Adjudication Acts." CIPA stands for Construction Industry Payment and Adjudication Acts, which refers to a set of laws in Malaysia that regulate payment disputes and adjudication processes in the construction industry. These acts ensure that contractors and subcontractors are paid promptly and fairly for their work, and provide a mechanism for resolving payment disputes through adjudication if necessary.

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  • 5. 

    What are the importance of payment in construction industry?

    • Unlike many other industries, the duration of construction projects are relatively long

    • The size of each construction is relatively large and each progress payment sum involved are often relatively large.

    • Payment terms are usually on credit rather than payment on delivery.

    Correct Answer(s)
    A. Unlike many other industries, the duration of construction projects are relatively long
    A. The size of each construction is relatively large and each progress payment sum involved are often relatively large.
    A. Payment terms are usually on credit rather than payment on delivery.
    Explanation
    In the construction industry, payment is of utmost importance due to several reasons. Firstly, construction projects have longer durations compared to other industries, which means that contractors and suppliers have to wait for a longer period to receive their payments. Secondly, the size of each construction project is usually large, resulting in significant payment sums. Lastly, payment terms in the construction industry often involve credit instead of immediate payment upon delivery, which can have financial implications for contractors and suppliers.

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Quiz Review Timeline (Updated): Mar 22, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • May 02, 2012
    Quiz Created by
    ADIBAH0404
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