Project Accounting System. This cost control system will be produced and updated monthly and includes the following reports which together will serve as a basic accounting tool and an audit trail. This report will also provide for accounting by building and site elements. a. Costs Status Report - states the budget, estimate, and base commitment (awarded contract and purchase orders) for any change given or budget item. It shall show approved change orders for each contract which when added to the base commitment will become the total commitment. Pending change orders will also be shown to produce the total estimated probable cost to complete the Work. b. A Payment Status Report - showing the value in place (both current and cumulative), the amount invoiced (both current and cumulative), the retained amount, and the balance remaining. A summary of this report shall accompany each pay request. c. Owner Direct Purchases - showing Owner direct purchase commitments, payments, sales tax savings, balance to be paid, deductive change order reference and pay application line reference.
Appears in 7 contracts
Samples: Construction Management Services Agreement, Construction Management Services Agreement, Agreement for Design Build Services
