Weekly Topic – Cost of project and payment terms
- The overall cost of the building project will be agreed between client and builder (with the aid of a quantity surveyor) and written into the building contract. This will be accompanied by a full breakdown of the costs and a set of drawings and specification. This ensures all parties understand the cost and scope of works.
- A standard building contract will set out standard payment terms between client and builder. This ensures all parties understand how each payment will be calculated and when it is due for payment.
- A quantity surveyor can give specialist advice on building contracts.