Cost-to-Complete Assessment
In situations where there's a change in lender or contractor, it's crucial for clients to ascertain whether the project remains on course for completion based on the progress made and expenditures incurred thus far. This involves determining if additional financial resources are necessary to finalize the project. A Cost-to-Complete report is devised to offer an evaluation and perspective on both the completed and pending construction work. Following the receipt of relevant documentation, a site visit is conducted to compare the work completed against the remaining tasks. Our analysis may include a comprehensive review of documents and costs. Each Cost-to-Complete assessment is customized to meet the specific needs of the client and address any associated risks, either mandated by the client or recommended by Partner to ensure successful project completion.
What's Included
A Cost-to-Complete assessment comprises the following steps:
-
Identifying the overall scope of construction or renovation work.
-
Reviewing the completeness and adequacy of construction documents, such as plans, specifications, budgets, and contract agreements.
-
Ensuring documents are up-to-date, executed, and approved as necessary.
-
Conducting a site visit to inspect the progress of construction, including interviews with the owner and general contractor.
-
Identifying the remaining scope of construction work and any changes to the original scope, budget, and schedule.
-
Reviewing and providing an opinion on the available budget to complete the remaining scope, based on the provided budget and any remaining funds.
-
Assessing the reasonableness of the project's current schedule and evaluating its level of completeness.
-
Analyzing costs paid to date compared to estimated remaining funds and the remaining time allocated for project completion.
-
Identifying any other construction or project-related issues that could impact the contract schedule or budgeted costs required to complete the work.