During this time of uncertainty due to COVID-19, WT has a newly released service available to our clients, the Weekly Financially Fit Site Inspection.
Giving you the option to assess progress on sites more frequently, to have a weekly update/snapshot of the construction activity, WT can now assist you in mitigating the potential risk and exposure should the government move to level 4 and close construction sites.
We are offering this additional (and very timely) weekly service at a cost reduction of 30% (per inspection) off our normal monthly progress claim inspection fee. If you are interested in taking this up or have further questions about the service or process, please call your local office.
The process for the Weekly Financially Fit Site Inspection
Upon receipt of the builders’ progress claim WT will enact the following:
- Travel to site to meet representative.
- Walk the site, top to bottom.
- View the extent of work performed.
- Take photos/videos and make detailed notes of works undertaken.
- This viewing and analysis includes all areas of construction activity.
- If the contract allows for payment of unfixed materials we shall include these, identifying that the material is correctly labelled and is appropriate for the site.
- Negotiate with the builder and provide a reconciliation of any adjustments that need to be made to their progress claim application.
- Agree upon cost to be claimed and drawndown.
Prepare progress claim
- Once agreed, prepare the Financially Fit progress claim certificate with all trade works, variations and other costs identified.
- Write up report including the site photos and link to videos.
- Identify the cost of works for the week, total of works to date and cost to complete, total of payments to date and paid last period.
- Provide a cashflow analysis and programme commentary as well as all other reporting requirements.
- Obtain a statement from the contractor and all consultants engaged on the project as to their financial stability during this crisis.
- Obtain from the builder and all consultants a Business Continuity Statement of their position during this crisis.
This is an opportunity for action on your projects and there are strong grounds for more frequent assessment of activity to help protect your financial position on the project.