A quantity surveyor is commonly involved in the project right from the pre-construction period. This may serve to be beneficial as a quantity surveyor brings a wealth of information collected from previous projects, and can identify possible risks to avoid, costs overrun potential, and any other beneficial aspects such as construction efficiency measures.
Typically, a financial institution or lender, will require a preliminary project budget and due diligence review for the overall project before bank funding commences. If this is the case, a quantity surveyor has a list of required items (either provided by the lender or can be supplemented by the quantity surveyor’s own curated list derived from previous projects) as part of the preliminary due diligence process.
Common construction documents required as part of the preliminary list include:
- Review of the permits that are being issued.
- The construction insurance for overall liability and lender coverage.
- Review of any engineering or geotechnical reports for construction design adhering to site conditions.
- Review of the design drawings and making sure that the drawings have been adequately prepared and complete.
- Review of the contracts and subcontract documents for budget accuracy.
- Risk assessment measures including lender exposure, mortgage interest coverage and repayment periods.
- Review of developer’s equity contribution.
The above list encompasses a common items of the construction preliminary list as part of the review process.