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Are you pouring good money after bad? Make sure you really know the answer...
Do you know if you can actually make the claims you think you can in your construction contract? Are you paying out too much? Do you predict outcomes?
It's not always be the case that every type of claim can be made, which means the only option you may have after you've identified an issue is a damage limitation exercise.
How can you put yourself in the picture? The secret is to face what's ahead by reviewing your project liabilities throughout the contract. It's a process that can often get overlooked but one that will make you aware of where holes need filling, where claims can be made and where they can't.
After all, sinking in more money after bad is one thing, but being unaware that you're doing so is another.
Identifying how costly delays on site could be
Consider this example...
Imagine you are a Contractor or Sub-Contractor working on a construction project that gets delayed due to bad weather. You may well be entitled to claim a time extension without financial penalties, but you may not be eligible for compensation to cover the cost of your site set up, such has paying for security and site welfare unit hire.
And things get even more complicated and costly if you become liable for the delay costs of your suppliers, of the employer's liquidated damages or unliquidated damages if a project is delayed.
That's why Contractors and Sub-Contractors need to conduct Project Liability Reviews throughout the contract - a service that can be outsourced to the contract specialist team at Quantum CPM.
How a Project Liability Review works
With a regular Project Liability Review or Audit you get a full end of job cost forecast. It's about knowing what's in the road ahead, putting you in a much better position at an early stage during your client negotiations and discussions. Importantly, it also helps to ensure that future cost liabilities are properly reported and provided for.
This gives Contractors and Sub-Contractors better cost control and a way of warning management early so decisions can be made to prevent or limit damage and maximise profit.
You could already be doing this kind of liability review already - partially or fully - but by outsourcing to Quantum CPM we can take the hassle away so you can concentrate on delivering your construction contracts and winning new work.
Part of our Bundle of Services
Our Project Liability Review service is part of our Bundle of Services which is designed to help Sub-Contractors and Contractors protect themselves across the board in construction projects, helping to ensure they can deliver their services as promised with the minimum fuss or risk of financial loss.
These start before you agree to work on the project with our Contract Vetting service with services right through to Retention Fund Management at the end.
For a free initial consultation regarding any of our services, contact Quantum CPM on 0161 974 6655 or email .
Find out more about our Bundle of Services.
