I am currently about to start work on an Option E (first time for me) contract and thought that the payment terms were actual costs to date (assessment date) plus a months forecast to the next assessment date. However I can’t find any clauses to back this up.
Clause 50.1 states the PM assesses the amount due at each assessment date - no mention of forecast to next assessment date. We currently have a proposed payment schedule whereby we are required to submit our afp one week prior to the assessment date so under this form of contract would that mean that we only forecast a week to the assessment date and not a month ahead to the following assessment date.
Can anyone help point me in the right direction please.