Blog

30th June 2021

It's never a good idea to chase your losses...

Do you lose track of the costs you're liable for in construction contracts, but carry on regardless and hope for the best? No need to. When you can see your liabilities as you go along, you'll make better decisions, avoid losing money and sleep better at night.

When you lose track of your costs on a project, it's a bit like chasing your losses at the casino or races. Continuing to throw money at something in the hope that you'll win without knowing what you're liable for at the end of the day is never going to end well - and that's exactly why you should keep your project liability under review as you deliver contracts.

If you become unaware of the project costs, you probably won't make the correct decisions in relation to completing works, allocating labour or purchasing materials. On the contrary, if you can flag up issues in a timely manner, it is often the case that the cause of the problems can be identified so claims for entitlement for additional time and monies can be made and executed.

The key to identifying issues is to do regular Project Liability Reviews which Quantum CPM can do on your behalf.

What is Project Liability Review?

The beauty of doing a regular Project Liability Review or Audit is that you get a full end of job cost forecast. This puts you in a much better position at an early stage during your client negotiations and discussions, and importantly, it helps to ensure that future cost liabilities are properly reported and provided for.

The key benefit for Sub-Contractors is that they have better cost control and early warnings for management decisions to be made to prevent or limit damage and maximise profit.

You may well be doing this kind of liability review already - partially or fully - but did you know it is something Sub-Contractors can outsource to Quantum CPM's specialists? We take the hassle away from our clients so they can concentrate on delivering 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 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.

RICS member logo, providing Quantum CPM clients with independent assurance on the quality of our services
Chartered Institute of Arbitrators (CIArb) member logo, the professional body for dispute avoidance & dispute management
Society of Construction law member, supporting its aims to promote the adoption and understanding of construction law