A Progress Drawdown Report provides a comprehensive overview of the progression of works whilst mitigating project risks and seeing the sustainable use of finance for all parties involved.
In this blog post, we will talk about the particularities of this report and why it is so important.
What are Progress Drawdown Reports?
Progress Drawdown Reports are a mandatory requirement of a project’s financier loan facility agreement whereby a quantity surveyor is appointed to monitor the value of works completed to date and report on the cost to complete.
Why are they important?
Firstly, these reports enable the project financier to access the payment the builder is entitled to each month. These payments are also means by which the Developer, Financier, and Contractor maintain their cash flow. With each claim, a detailed site inspection is performed that provides the basis for reporting.
Secondly, they also forecast the cost to complete a project under construction within the parameters of tendered information. The Drawdown Report may be relied upon as a control document during the construction phase.
Thirdly, progress drawdown reports help to mitigate risks during the construction phase. The sooner a risk is identified and successfully responded to, the lesser the negative impact on the project. The risk comprehension we have developed over time allows us to use a pragmatic approach in identifying, analysing, and responding to risks that may occur throughout construction.
Why choose us?
Our expertise in project management, architecture, and construction enables us to provide reports that meet all bank requirements and guide you through your project construction.
We, as a family-operated business treat every project as if it were ours. Our principal oversees every project and guarantees a high-quality standard.
Archi-QS understands that the project cash flow is a critical component of any development project and can turn these reports around between one to two days after completing the site inspection.