project finance workflow (2)

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Post on 09-Mar-2015




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PROJECT FINANCE WORK FLOW DESIGN STAGE1- Secretary to give a copy of the Job Card T1 to account for his

records.2- Architect to send Taklif and Contract Request to account. T

(Taklif Request Form) 3- Account to send the completed Taklif Form to Client to sign. T( Taklif Istishari Form) 4- Account to agree with GM about the Design and Supervision cost of the project and the Payment plan.5- Account to prepare the Contract and Payment plan according to

the approved cost and payment plan of the GM. T ( Contract)6- Account to send the Contract and Payment plan to Client soft

and hard official copy. 7- Account to add the project into the Project list for Taklif/ Contract/payment tracking.8- Architect to inform Account and give him a copy of the Change

Request Form T2 for any changes after final approval to get the extra charges amount or % and Architect to inform the client. 9- Account to modify the project cost in his books.10- Accountant to send a separate Invoice of the Extra Charges to

Client and follow up payment.

Account Procedure Last update May 2010

SUPERVISION STAGE1- Site Eng. / GM to give copy of Contractor Contract (Value of

Project) Document Fees Copy.2- Guarantee check from Contractor to Client to be idntified with

whom and Accountant has to note that in his list. 3- Account to calculate the total TAK Revenue of the project.4- Account to collect Design Fees before Site Eng. send an Award

Letter to the appointed Contractor5- Architect when he informs Site Eng. And Contractor that the

Drawings are ready by DM for collection, Architect has to inform Accountant as well. Contractor not allowed to collect approved drawings from DM unless Accountant approve that, after he collect Design Payment form Client or Management approve different arrangement6- Site Eng. to provide Account Section with the original approved

contractor invoice/ running Bills at each stag and the % of the project progress.7- Accountant to list the invoice in his books and arrange for a

cover letter with the invoice and send to Client. And keep a copy.8- Accountant to send TAk invoice to Client upon an agreed

schedule for that. The suggested payment plan is to divide the construction period into 4 and send an invoice of 25% every period.9- Site Eng to inform Account with the project progresses % every


Account Procedure Last update May 2010


Any payment made by TAK for the Project regarding DM, Civil Defense, approvals, DEWA etc the Original receipt should be give to Accountant and a copy with Secretary to be filed in the project file

Accountant to have folder for each project which will contain: Taklif Istishari+ Contract+ all project administrative expenses and payment + copy of the Contractor Contract and the Contractors invoices+ TAK invoices for the client.

Account Procedure Last update May 2010