Contract administration.

CFR · 2024-01-01 · US · Title 7

Owners shall be responsible for maintaining a contract administration system to monitor the contractors' performance and compliance with the terms, conditions, and specifications of the contracts. (a) (b) (1) Reasons why approved construction schedules were not met; (2) Analysis and explanation of cost overruns and how payment is to be made for the same; and (3) If events occur which have a significant impact upon the project. (c) (d) (e) (1) Payment of contract retainage will not be made until such retainage is due and payable under the terms of the contact. (2) Invoices for the payment of construction costs must be approved by the owner, project engineer and concurred in by the Agency. (3) The review and acceptance of project costs, including construction payment estimates by the Agency shall not attest to the correctness of the amounts, the quantities shown, or that the work has been performed under the terms of agreements or contracts. (f) (g) (h) (i) Funds are available to cover any additional costs; and (ii) The change is for an authorized loan or grant purpose; and (iii) It will not adversely affect the soundness of the facility operation or the Agency's security; and (iv) The change is within the scope of the contract, (2) Changes will be recorded on Form RD 1924-7, “Contract Change Order,” or other similar form if approved by the State program official or designee. Regardless of the form, change orders must be approved by the State program official or designee. (3) C

official document · source cfr-2024 · id 7:§ 1780.76