02 Finances Flashcards

1
Q

How do you manage the costs on projects?

A
  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
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2
Q

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

A

???

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3
Q

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

A

???

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