The Property Inspectors Reports

Progress Claims Assessments

The Property Inspectors usually carries out progress claim assessments on a monthly basis. The assessments provide details to the home owner or developer and financier as to how much work has been undertaken during the month and therefore how much money is due to be paid to the contractor.

Progress claim assessments are aligned with specified progress payments for the achievement of progress in accordance with the Contract. They ensure that the funds spent on the project at any given time do not exceed the value of the work completed. On the other hand, they also ensure the contractor is paid for progress they’ve made and so maintain their cash flow.

Progress Reporting is a requirement by all major financiers. With each progress claim assessment, a detailed site inspection is performed that provides the basis for reporting. Each progress claim will be assessed at a trade level to ensure the value is accurate for works complete.

Any changes to the contract requiring a change to a particular section of work will lead to a Variation of Contract.  A variation usually results in changes to the contract sum, either positive or negative amount. They are generally assessed by our office and included in the monthly Progress Claim Assessments.

Progress Claim Reports are generally prepared addressing the following:

• Assessment of the progress claim submitted by the Contractor
• Certification of the value of work complete including fixed materials on-site
• Review and update the forecast development and construction costs
• Certification of the cost to complete
• Comparison between actual expenditure to date and anticipated cashflow
• Comment upon the progress of the works and provide an independent assessment of the likely project completion date
• Summary of status of variations and claims
• Verify that claims from Sub-Contractors and Suppliers have been paid in accordance with their contracts
• Advise on the ongoing status of approvals and permits
• Obtain certification from Design Consultants that the works are proceeding in accordance with the relevant documentation and approvals
• Confirm status of project insurances.
• Advise on issues of risk
• Attend additional meetings and site inspections as necessary for the above.

Please download our sample report for further details