Analyzing Financial Statement in Construction Projects

Assignment Task

Overview

Payments during the course of a project are of vital importance. Contracts contain clauses pertaining to the insurance requirements, procedures of claims, and subcontracting of the work. Protections for the clients, contractors and subcontractors are dealt with via quality of workmanship required for payments to be due and the Building and Construction Industry Security of Payment Act 1999 (NSW).

Write a report of , investigating the role of the relevant clauses in the AS 4000–1997 contract in determining the financial obligations of all parties of a project. Provide an assessment of how the AS 4000–1997 contract is used to set the requirements and responsibilities of all parties involved with the project. This includes:

• The required insurance coverage of the parties
• Scheduling of payments to contractors and the processes they must got through to make a claim for payment
• How are these claims scheduled, i.e. progress
• What happens if there is a dispute and if the workmanship or quality needs rectification, and
• Finally, should parts of the contract be subcontracted out by the contractor and how is AS 4901–1998 used to control the requirements and responsibilities of the subcontracting parties.

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