It’s common for quantity surveyors to take on the role of a project monitor on behalf of the lender. What is the purpose of project monitoring? A lender needs to be updated to the status of the project on a regular basis.
To do this, a quantity surveyor:
- Will complete regular site inspections.
- Provide a report which details the current state of construction, scheduling, and costs.
- Update any deviations that may have occurred since the last report.
- Update any current issues.
The above encompass four main aspects that demonstrate the value of a project monitor:
- Outlining deviations that have occurred
- Identifying potential risks and impending issues
- And, updating to current status and recognizing achievability of upcoming construction milestones.