Payment Methods for Construction Contract Execution

11:57, 11/07/2024

According to Circular 09/2016/TT-BXD, the methods of payment for construction contract execution are guided as follows:

- For lump-sum contracts: payment can be made based on the percentage of the contract value corresponding to each payment stage or based on the value of the work volume specified in the contract for each payment stage.

- For fixed unit price contracts: payment is made based on the actual completed work volume (including any increase or decrease in volume if applicable) that has been accepted, corresponding to the payment stage multiplied by the unit price in the contract.

- For adjustable unit price contracts: payment is made based on the actual completed work volume (including any increase or decrease in volume if applicable) that has been accepted, corresponding to the payment stage multiplied by the adjusted unit price as agreed in the contract.

- For mixed price contracts: payment is made according to the regulations on payment for each type of contract price mentioned above.

Payment can be made once or multiple times. Additionally, the payment stage can be based on time, work, construction stage, project part, project item, or construction work.

The payment time is the date agreed upon by the parties in the construction contract corresponding to the payment stage.

Circular 09/2016/TT-BXD is effective from May 1, 2016, and replaces Circular 09/2011/TT-BXD.

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