New One Goal, Three Exams: Strategies for Mastering RBI, SEBI, and IFSCA Exams
Register

Question

Payment under a contract is made in consideration to which among the following?

A Based on the total work done Correct Answer Incorrect Answer
B Based on the work certified as the contractor claims Correct Answer Incorrect Answer
C Based on the work certified as the architect certifies Correct Answer Incorrect Answer
D B or c, depends on the contract Correct Answer Incorrect Answer
E All of the above Correct Answer Incorrect Answer

Solution

Payment based on Architect’s Certificate – If the contracts are small, full payment is usually made on the completion of the contract. But in case of large contracts, usually a system of progress payments is followed in which part payments of the contract amount are paid from time to time on the basis of the certificates issued by the architects, certifying the value of the work satisfactorily completed. Such payments are not entered in the contract account, rather are credited to the personal account of the contractee.

Practice Next
×
×