Project History and Payment Summary
M/s xxx Pojects Co.
P.O. Box xxx, Riyadh, K.S.A
Tel : xxx
Fax: xxx
Attention: Mr. xxx
Chief Executive Officer
Cc: Eng. xxx
Sr. Project Engineer
Eng. xxx
Project Manager
Project: xxx Project -KSA
Subject : Project History and Payment Summary
Project Brief History:
The Project was awarded to Xxx(Name of the Sub-Contractor) Interiors in April xxx by M/s xxx for the Supply and Installation of Joinery Fit-out Works including Additional Works to Hotel Guest Rooms and Public Areas of the xxx Hotel & Resort located in Riyadh, Saudi Arabia.
The Contract Value is SAR 79,631,913.76, as the project progressed the Client had awarded some additional works, which has been carried out, and to date the revised contract amount stands at SAR xxx.
As of to date, there are still some variations under progress which were not part of the claimed amount and the value of these variations which are not claimed is SAR xxx.
Conditions in Retention Release:
As per the contract agreement 5% retention were to be released on practical completion of the project and 5% within one year from date of final completion (DLP). Although the original contract has been completed, Xxx(Name of the Sub-Contractor) Interiors were not issued a Taking over Certificate (TOC) by the Client/Engineer probably due to the late variations that has been instructed to Xxx(Name of the Sub-Contractor) Interiors to add on the original contract. However, although no TOC has been issued to Xxx(Name of the Sub-Contractor) Interiors, the Client has taken over the premises whatever areas that have been completed and it was operational.
In view of the above, the physical taking over and subsequent used of the areas that have been completed constitute an acceptance by the Client that the works has practically been completed.
The retention of the New Variation has not been requested by Xxx(Name of the Sub-Contractor) Interiors to be released, only the retention of the original contract as mentioned in our Payment Application No. 20 which we have submitted.
Current Statement of Account is detailed hereunder;
| DESCRIPTION | AMOUNT | |
| SAR | AED | |
| Contract Details: | ||
| Original Contract Value | 79,631,913.76 | 78,039,275.48 |
| Approved VO (Package 2) | 4,648,108.90 | 4,555,146.72 |
| Approved VO (VO-1 to VO-53) | 1,658,102.59 | 1,624,940.54 |
| Approved VO (VO-54 to VO-110) | 2,296,965.81 | 2,251,026.49 |
| Omission (Japanese Restaurant & Glass Sculpture at French Rest.) | (1,797,763.56) | (1,761,808.29) |
| Total (Revised Contract) | xxx | xxx |
| Payment Summary Details: | ||
| Progress Claim to date (99.65% of above total) | 86,137,861.52 | 84,415,104.29 |
| Advance Payment Received | (19,834,539.80) | (19,437,849.00) |
| On Account Payment Received to Date | (57,960,959.73) | (56,801,740.54) |
| Retention Amount @ 10% (Original Contract) | (8,414,036.17) | (8,245,755.45) |
| Retention Amount @10% (New Variation) | (199,749.98) | (195,754.98) |
| Total Balance Receivable – (Overpayment on Accnt.) | (271,424.16) | (265,995.68) |
| Release of 10% Retention (Original Contract) | 8,414,036.17 | 8,245,755.45 |
| Release of 5% Retention (New Variations) | 99,874.99 | 97,877.49 |
| Total Amount Receivable to Date | xxx | xxx |
| Note: 1 AED = 1.0204 SAR | ||
Best Regards,
For: Xxx(Name of the Sub-Contractor) Interiors L.L.C.
xxx
Commercial Manager