Therefore the contractor can claim loss interest value of the retention amount. Interest = Bank interest % (per annum) X (days delayed/365) X Retention amount Below we have given you a sample letter for requesting a extension of time. EOT Request Letter [Date] Attention [ Receiver name/designation] [Address] Project [Name/ detail] For a relatively inexpensive solution you can utilize our templates and start managing and controlling your risk immediately. Our template package covers all aspects from notices, claims, cost recording and processes involved of keeping records for delays. Avoid a lose-lose situation which will ultimately tarnish your reputation and success in Let us assume an interim claim in a road widening project to a cut off date say, 31 Dec 2006 (effects are continuing as per the Contractor so that the Contractor can submit any number of claims till the effects cease). Take a look at the sample letter below, which can be easily used and customised for your company and projects. Contractor's Name Contractor Address Contract Name Contract Number EXTENSION OF TIME I refer to your extension of time claim dated [insert date of the claim]. Letters begin with "Dear Mr./Ms. (Surname)". Always try the best to get the name of the relevant person to post this letter to. Some letters end with "Sincerely", and mention your name. Approach- For relevant claim letters, apply the direct approach. Open- mention your reason (i.e. why you are composing this letter). How to analyse such a claim Before the prolongation analysis is being considered, the maintenance of adequate records is an essential ingredient for supporting the prolongation claim; Some of the essential records that are required: - Programme (initial plan working sequence and the subsequent changes due to the delaying event); However, in circumstances where delays are consistently impacting productivity or in non-payment of delay claims, the contractor may choose to issue a formal construction delay claim letter to receive the appropriate level of attention. The construction delay claim letter must be succinct and include the following items: Preliminaries cost will be Prolongation cost for contractor if contractor secure a EOT. Preliminaries cots could include but not limited to office cost/daily office expenditures,insurance money Letter Template: 1. I am writing this letter in regard to my compensation claim for (mention detail). My compensation policy number is (mention number). The details of my compensation are mentioned below: I would like to inform you that I haven't gotten notifications or calls from you regarding my compensation in spite of my reminders during Letter of Claim. A letter of claim (sometimes known as a letter before action) is a letter asserting wrongdoing of some kind by the recipient. It is most commonly used as the first step in the legal process of a personal injury claim. For example if you slipped on an unmarked wet floor in a restaurant, you or your lawyer may write a letter The basis of claims. Prolongation costs are frequently claimed as part of wider 'loss and expense' claims comprising other heads of claim such as disruption, increased costs, interest/finance charges and overheads and profit claims. The major standard form contracts all contain terms whereby a contractor can recover these costs. The basis of claims. Prolongation costs are frequently claimed as part of wider 'loss and expense'