The term “budgeting” in the context of a construction project refers to the quantitative allocation of resources. This include manpower, materials, machinery, time, and money, needed to execute a job within a certain time frame. Project managers must...
What is Quantity Take-off? Quantity takeoff requires specialized skills in data management, as a poor estimation of costs will affect the entire construction chain. In theory, a quantity takeoff in construction estimates contract quantities from drawings and...
What are progress drawdown reports? No matter the size of the project, though, progress drawdown reports are essential to completing the job. Put simply, a progress drawdown report is essentially a schedule that outlines the timeline of the entire construction...
The abbreviation “LD” stands for “Liquidated Damages.” Liquidated damage’s principal purpose is to protect the client from the Contractor’s time-related liabilities. If the Contractor breaches the contract, the client might request...
Estimating is one of the grey areas of the Quantity Surveying business; the best make it appear to be a black art, but those who are slightly doubtful of their professional capabilities might be thousands of pounds off on their customer estimates. It’s vital to...
All developers, and to some extent owner builders, that require finance for their proposed developments come across the same conundrum: the finance institution requires an approved qualified quantity surveyor to carry out a ‘due diligence’ test on the costs associated...
