Within Edmonton, a quantity surveyor acts like the unofficial liaison between the developer, banker (lender), and construction development team – ensuring all three parties are in agreement that a particular project is to be constructed based on a set of design and engineering requirements and within a specific time frame and budget.
A quantity surveyor understands the requirements of everyone involved with a particular project
In order to achieve a balance between the developer, banker, and construction development team, a quantity surveyor must understand the requirements of all three parties:
- A construction team requires to build a product within a specific design scope, to adhere to a specific construction building code requirement. Further, a construction team is focused on achieving this within a specific time frame, and to pay their construction trades on time.
- A financial lender requires the developer to build a product that meets a certain risk profile, within a certain budget and time period.
- Besides owning the product being built, in the short term, a developer requires paying the construction general contractor (and subtrades) and pay the lender’s mortgage interest and loan principal outstanding.
A quantity surveyor must understand the requirements of the construction team, financial lender, and developer. To do so, a quantity surveyor’s job description is to be well versed with intricacies of a project from conception to completion. This commonly means reviewing all the details from the design and drawings, to the understanding the relationships between the teams of subcontractors who have been chosen to build out the project, to the financial commitment letter agreed between the developer and banker when defining the project monitoring goals.
Common items reviewed as part of the Quantity Surveyor’s Job Description
As part of the review and ongoing draw process, a quantity surveyor will need to review the project in entirety, which, depending on the lender requirements, may include:
- Meeting the construction and design team.
- Reviewing the lender’s commitment letter and terms of agreement.
- Reviewing the drawings and design plans.
Reviewing budgets, estimates, quotations, and executed contracts.
Project specifications and details.
- General contractor agreement with the developer.
- General contractor and construction subtrade agreements.
- Construction permits.
- Project insurances.
- Project cash flows.
- Project construction schedules.
- Any project related certificates.