Track Construction Costs

Managing a construction project requires professional skill and expertise. The construction parties have to follow the schedule and complete the project on time. Also, pay attention to the little details that contribute to the success of the project. One important point is construction costs management, which can give rise to claim issues if not appropriately managed. The construction industry is one of the leading industries in the UAE, which ensures a significant contribution to the GDP. Several mega projects are completed every year. The major point of their success is proper cost tracking. It helps the professionals to not exceed the limit and develops the record to prove the claim issues later. This article aims to provide a guideline to keep track of the construction costs and utilize it effectively in case of proving claims. Top 4 Tips to Track Increased Construction Costs for Proving Claim Issues The parties involved in the construction project make a concise cost estimation before starting work on the project. The purpose of this is to fix the budget and avoid unnecessary expenses. However, they can face changes and multiple other issues during the project, which increases its cost. The parries can file for a claim based on increased cost, which can be justified through the track record of expenses. The following are some of the most important tips to track the increased construction costs of any project and utilize it efficiently in a time of need. 1. Check Correspondence Files The very first tip of keeping track of the increased construction costs of any project is to check the correspondence files. When there is an extra expense related to any activity of the project, the parties involved in the project often communicate the change through correspondence. In addition to it, it is also mentioned in the correspondence related to the claim issues, which can provide substantial support to prove the claim. While doing so on their own may be difficult for construction companies, they acquire the help of construction claim management consultants in Dubai in dealing with the matter utilizing the record and their expertise. 2. Consider Plan and Other Specifications The second tip for maintaining a clear record of the increased cost of any construction project is to consider the plan and other specifications. This is one of the most important record files which should be checked and maintained on a routine basis. When the parties face any claim issues regarding the increase in construction costs, then the plan and specification of various construction activities can be provided as proof of the expenses. It can show that the increased expenses were communicated to the authorities and proceeded accordingly. 3. Evaluate Change Work Order Files Another important tip that can help you record the increased cost of the projects is evaluating the change work order files. The change order is one of the leading causes of increased costs in construction projects. The parties involved in the project may not be able to plan effectively for the unforeseen scenarios in construction, which can later lead to changes in the project. All of this is done for the progress and sustainability of the project and is not the fault of any party. However, the increased cost should be measure and recorded to avoid claim issues. 4. Review Project Videography and Photography One of the most important tips for keeping a record of cost increase in construction is to review project videography and photography. This is the modern era in which the records of projects are not only maintained in documents but also in pictures. If any party involved in the project raises the concern over cost increase, you can share the video and photography proofs to support the claim. If you are confident about utilizing them effectively, you can hire the service of construction quantum experts and ensure that the professionals justify the increased cost, and share proofs to help you prove your stance effectively. Keep a record of increased constructions costs to fix claims! The increased cost of the project is one of the major claim issues in the construction industry. Increasing the cost of the project does not favor the construction parties in any way. And it is the only meant to boost the productivity of the project. However, it can still become a headache for them if the owners of the project file for a claim. You need to keep track of all the construction costs to identify the increase as soon as it occurs. If you face any claim issue, you can consult the experts and provide them all the documentary proof to clear your position. And ensure the smooth completion of the project as well as secure your profitability.

Track Construction Costs

How to Track Construction Costs to Prove Claim Issues?