Financial Statement/Cost Report
When to use it: It is important to know at all times the financial situation of the building contract. Variations may occur and other claims made that will impact the likely out-turn cost and these need to be reviewed regularly.
Mensura will collate the relevant documentation and use this to produce a financial statement that shows the position of the project finances. This will include a summary of approved variations and an estimate of cost of anticipated variations. Loss and expense claims where presented will be included. The project contingency is then adjusted to balance the out-turn cost with the approved budget (provided it has not been exceeded).
Discounts are available when purchasing three or more financial statements at the same time. Further discounts of up to 80% are available when Mensura has been appointed to prepare interim valuations and assess variations as we will already have access to much of the information required. Please contact us for a discount code which will be added to your account. Create an account here.
Scope of Service
Our Financial Statement service includes:
- Receipt and review of relevant documents
- Preparation of the Financial Statement
- Production of a summary report
- Notes of any issues of concern.
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Interim Valuation
The Housing Grants, Construction and Regeneration Act 1996 (as amended) stipulates that interim or stage payments are due to any party to a construction contract that has a duration of more than 45 days. In the absence of specific requirements in the building contract default provisions apply.
For gross valuations likely to exceed £5m construction cost, please contact us for a bespoke quotation.
Variation Assessment
Instructions and variations may alter the nature or scope of the work by providing for additional, varied or less work. Almost all building contracts experiences variations. Mensura reviews the original contract drawings and specifications and the proposed or actual changes and values these in accordance with the agreed terms and conditions of contract.
For projects where a single variation or the aggregate of variations is likely to exceed £500k construction cost please contact us for a quotation.