A charge made by one party against another to recover costs incurred due to the other party’s actions or omissions.
When a developer applies for an occupation certificate for a new strata building or a substantial renovation, they are required to lodge a building bond with the NSW Fair Trading. The bond is typically set at 2% of the contract price for the building work. This bond is held in trust to cover the cost …
If the developer fails to rectify the defects within the specified timeframe, the owners’ corporation can make a claim on the building bond to cover the cost of rectification. The bond is released to the owners’ corporation to fund the repairs.
Predicting the timing and amount of cash inflows and outflows throughout a construction project.
A designation awarded by the Australian Institute of Quantity Surveyors (AIQS) to individuals who have met the rigorous educational, professional, and ethical standards set by the institute. CQS – AIQS professionals are recognized experts in quantity surveying and are qualified to provide specialized services related to cost estimation, financial management, and procurement within the construction …
A form of property ownership in Australia where residents own individual lots and share ownership of common facilities and land.
Analyzing and interpreting cost data to identify trends and potential cost-saving opportunities.
A systematic review of project costs to ensure compliance with financial and contractual requirements.
A quantity surveyor or specialist who provides advice on construction costs and financial management.
An allocated amount set aside to cover unforeseen costs in a construction project.