Ensuring Financial Success in Construction Projects
A Progress Claim Construction Report is an essential document in the construction industry, used to verify completed work and ensure payments correspond to actual progress on-site. Unlike traditional loans, construction loans operate on a progressive drawdown system, where funds are released in stages as specific construction milestones are achieved.
Builders submit progress claims to secure payments for completed work, and these claims are independently verified—usually by a Quantity Surveyor (QS)—through a detailed progress report. This process ensures accuracy, transparency, and accountability, benefiting all stakeholders in the project.
How Do Progress Claims Work?
Progress claims and reporting follow a structured process to maintain alignment between completed work and released payments:
- Builder Completes Work: A defined portion of work, as outlined in the contract, is completed.
- Builder Submits Claim: The builder submits a progress claim to the lender, including supporting documentation.
- Lender Contacts TDQS: The lender engages our QS team to assess the claim.
- On-Site Assessment: TDQS conducts a detailed site visit to verify the progress against the claim.
- Detailed Progress Report: TDQS prepares a comprehensive report, including findings, photos, and financial analysis.
- Lender Reviews and Releases Funds: The lender reviews the report and releases the appropriate funds.
- Builder Receives Payment: The builder receives payment and continues construction.
This systematic approach ensures fairness, payment accuracy, and adherence to contract terms.
Who Benefits from a Progress Claim Report?
Homeowners:
- Protects against overpayment for incomplete work.
- Provides peace of mind with unbiased verification of progress.
Builders:
- Justifies progress claims with independent third-party validation.
- Ensures timely and smooth payments from lenders.
Banks and Lenders:
- Mitigates risks by ensuring funds are released only for completed work.
- Provides confidence in accurate claim validation.
Project Managers:
- Tracks project progress and costs against the approved budget.
- Uses reports as independent records to monitor timelines and quality.
The Role of TDQS in Progress Claims
At TDQS, we specialise in delivering transparent and detailed Progress Claim Construction Reports. Our services ensure claims are accurate, stakeholders are protected, and the project progresses without delays.
Key Sections of a TDQS Progress Claim Report:
- Project Contract Statement:
- Compares the builder’s claim with the original contract value.
- Highlights approved variations, completed work, and the remaining budget.
- Drawdown Claim:
- Tracks funds already released and forecasts future payments.
- Ensures payment schedules align with actual progress.
- Trade Summary:
- Breaks down costs by trade and project areas.
- Compares incurred costs with remaining budget allocations.
- Cash Flow Forecast:
- Anticipates future cash flow needs to maintain project momentum.
Each report is supported by photographic evidence and thorough on-site assessments conducted by experienced QS professionals.
What Does the On-Site Assessment Involve?
Our on-site assessment is a crucial component of progress claim validation. It includes:
- Detailed Review of Completed Work: Quantifies actual progress against the contract scope.
- Photographic Evidence: Provides visual documentation of reported progress.
- Comparison to Project Plans: Ensures alignment with the original design and scope.
- Quality Assurance: Verifies the quality of work and compliance with standards.
- Identification of Defects: Flags any issues requiring attention.
- Completion Percentages: Breaks down completion by component for precise reporting.
- Material Cost Verification: Confirms claimed material costs against invoices.
Benefits of a TDQS Progress Claim Report
- Payment Accuracy:
- Prevents overpayment for incomplete or substandard work.
- Budget Tracking:
- Monitors costs against the original budget, identifying overruns early.
- Unbiased Verification:
- Provides independent assessments, ensuring transparency for lenders and homeowners.
- Cash Flow Planning:
- Anticipates financial needs, avoiding delays in project completion.
Handling Variations in Progress Claims
Construction projects often involve changes or variations that alter the original scope or contract value. Common causes include:
- Owner-Requested Changes: Incorporating new design elements or materials.
- Unforeseen Issues: Addressing unexpected site conditions.
- Regulatory Compliance: Adjusting to meet updated regulations.
At TDQS, we ensure progress claims accurately reflect these variations, tracking both original and modified components to maintain clarity and accountability.
Experience
Why TDQS is the Right Choice for Progress Claim Reporting
Expertise You Can Trust
Our team comprises accredited and experienced Quantity Surveyors.
Comprehensive Reports
Tailored to your construction contract, including all necessary details for informed decision-making.
Stakeholder Protection
Ensures fairness and accuracy for all parties involved.
Timely Reporting
Reports are prepared promptly to keep payments and construction on schedule.
Get Started with TDQS Progress Claim Reporting
Choose TDQS for independent, transparent, and professional progress claim reporting. Our expertise ensures payments are accurate, risks are minimised, and construction projects run smoothly.
