Get the free progress billing template

Submitted By: Company Name Billed To: Name Company Address Item No. 1 Address City, State, Zip City Phone ST, Zip Billing Contact Attn: Description of Work Electrical Original Contract Approved Changes

How to fill out construction progress billing sample form

How to fill out progress billing for construction:

1. Gather all relevant information, such as the project name, client's name and contact details, project start and end dates, and the billing period.
2. Identify the completed tasks or milestones during the billing period and determine the appropriate percentage of completion for each.
3. Calculate the total amount billed for each completed task or milestone by multiplying the percentage of completion by the agreed-upon contract amount for that task.
4. Include any additional costs or expenses incurred during the billing period, such as materials or labor costs, that are not part of the original contract amount.
5. Sum up all the amounts billed and additional costs to arrive at the total progress billing amount for the billing period.
6. Clearly outline the breakdown of the progress billing amount in an organized manner, listing the completed tasks or milestones, their corresponding percentages of completion, and the calculated amounts for each.
7. Include any applicable taxes or fees that need to be added to the progress billing amount.
8. Provide supporting documentation, such as invoices, receipts, or work completion certificates, for each completed task or milestone.
9. Review the progress billing form for accuracy and ensure all necessary information is included.
10. Submit the progress billing form to the client or project owner for review and approval.

Who needs progress billing for construction?

1. General contractors: They need progress billing to accurately track and bill clients for completed tasks or milestones during the construction process.
2. Subcontractors: They require progress billing to document and invoice the general contractor or project owner for the work they have completed on the project.
3. Project owners: They need progress billing to assess the project's progress and make payments accordingly to contractors and subcontractors. Progress billing helps project owners understand the financial status of the construction project and ensures transparency in billing processes.

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What is progress billing for construction?

Progress billing is a method of billing that allows contractors to invoice clients for work completed at various stages of a construction project rather than waiting until the project is fully completed.

Who is required to file progress billing for construction?

Typically, contractors or subcontractors involved in a construction project are required to file progress billing. This process helps ensure that they are compensated for work completed as the project advances.

How to fill out progress billing for construction?

To fill out progress billing, contractors should provide detailed information on the work completed to date, itemize costs, include any retainage, and obtain necessary approvals or signatures from clients or project managers.

What is the purpose of progress billing for construction?

The purpose of progress billing is to ensure timely cash flow for contractors by allowing them to receive payments for work completed at various milestones throughout the construction project, thereby facilitating ongoing project financing.

What information must be reported on progress billing for construction?

Progress billing must report essential information including the project name, billing statement period, description of work completed, total contract amount, percentages of work completed, any previous payments received, and the current amount due.