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Delayed Payment

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Delayed Payment

Post by myrights on Wed May 30, 2012 9:03 pm

Is it right for the procuring entity to delay payments and make the payment on installment basis even if the the project was long been completed? The certificate of completion and acceptance was submitted almost a year ago together with Surety bond as replacement for the retention. Not to mention, the final inspection was already done by several government agencies (The procuring entity, The beneficiaries, DBM(national), COA(regional & national), 3rd party inspector like the AFP engineering and Civil Society Organization) without any adverse findings. Now, my worries the surety bond is only good for a year but still we are not paid even of our final billings, are we going to secure another surety bond to claim for our retention? PLEASE PLEASE HELP...

Note: The funds for payment is already available since last year.

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Re: Delayed Payment

Post by regina avelino on Thu May 31, 2012 9:53 am

The retention, by way of a surety bond, posted in favor of the procuring entity shall be valid for a duration to be determined by the concerned procuring entity and will answer for the purpose for which the retention is intended, i.e., to cover uncorrected discovered defects and third party liabilities. The retention shall be due for release upon final acceptance of the works. Since you mentioned that the acceptance was already released 1 year after completion, which tell us that the defects liability period had already lapsed, then there is no need to reissue for a surety bond. One year after completion, the performance security and the retention should be released to the contractor. However, the contractor shall post a warranty security good for 1 year as a replacement. hope i got your query right...

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Re: Delayed Payment

Post by RDV @ GP3i on Sat Jun 02, 2012 10:14 am

myrights wrote:Is it right for the procuring entity to delay payments and make the payment on installment basis even if the the project was long been completed? The certificate of completion and acceptance was submitted almost a year ago together with Surety bond as replacement for the retention. Not to mention, the final inspection was already done by several government agencies (The procuring entity, The beneficiaries, DBM(national), COA(regional & national), 3rd party inspector like the AFP engineering and Civil Society Organization) without any adverse findings. Now, my worries the surety bond is only good for a year but still we are not paid even of our final billings, are we going to secure another surety bond to claim for our retention? PLEASE PLEASE HELP...

Note: The funds for payment is already available since last year.

Payment should be covered by your contract with the procuring entity. What does it provide for you? Invoke your right under your contract to claim payment from the government agency. That should be what you should be doing. You do not secure another surety bond. What for? It could not be a part of your contract.
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Re: Delayed Payment

Post by ikuz23 on Mon Jun 04, 2012 1:07 pm

RDV @ GP3i wrote:
myrights wrote:Is it right for the procuring entity to delay payments and make the payment on installment basis even if the the project was long been completed? The certificate of completion and acceptance was submitted almost a year ago together with Surety bond as replacement for the retention. Not to mention, the final inspection was already done by several government agencies (The procuring entity, The beneficiaries, DBM(national), COA(regional & national), 3rd party inspector like the AFP engineering and Civil Society Organization) without any adverse findings. Now, my worries the surety bond is only good for a year but still we are not paid even of our final billings, are we going to secure another surety bond to claim for our retention? PLEASE PLEASE HELP...

Note: The funds for payment is already available since last year.

Payment should be covered by your contract with the procuring entity. What does it provide for you? Invoke your right under your contract to claim payment from the government agency. That should be what you should be doing. You do not secure another surety bond. What for? It could not be a part of your contract.

good day.

for information purpose only. in case of goods. we dont accept anymore surety bonds in exchange of retention. we only accept either retention money in an amount equivalent to at least ten percent (10%) of every progress payment, or a special bank guarantee equivalent to at least ten percent (10%) of the total contract
price. Very Happy
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Re: Delayed Payment

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