02 Finances

Question 1

How do you manage the costs on projects?

Answer 1

1. Maintain a spreadsheet cost tracker per project
2. Start with the contract sum
3. Omit any provisional sums or contingencies
4. As the project progresses, keep a record of all variation costs (additions and omissions)
5. Add actual costs for provisional sum items once known
6. Ensure interim valuations reflect costs maintained on the tracker

Question 2

What causes for concern would you have of the contractor’s financial situation during a contract?

Answer 2

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Question 3

A sub-contractor tells you he hasn’t been paid - what would you do?

Answer 3

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