What is Assessing Work in Progress?
Assessing the value of Work in Progress is an essential part of properly financially managing a Building Project.
This is particularly important when reaching key stages of a Building Project and Progress Payments are required to be claimed and processed.
For example, the key stages of a Building Project for a house, are normally when the slab is laid, when the frame is up, when the roof is on and final completion.
These stages are only examples and get be agreed in the Building Project Contract, prior to commencement, but they set Milestones for the Building Project.
Assessing Work in Progress should ensure that you are getting value for your money before making a Progress Payment to the Builder.
Through-out the Building Project, the Cost Consultant inspects the Work that has been done to date and calculates whether a Progress Claim made by the Builder is reasonable, when compared against the Work that has been done.
When Assessing Work in Progress, it is essential that experienced and qualified Building Cost Consultants are used, such as Quantity Surveyors and Estimators to ensure that work on your Building Project, is being accurately assessed and evaluated.
If you require a Quantity Cost Professional for Assessing Work in Progress on your Building Project, tell us what type of Building it is and we will find the appropriate Quantity Surveyors or Estimators for you.
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It can save you lots of money, time and effort.