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Case Study

Final account settlement of a residential project

The Challenge

A contractor believed they were due £340,000 in variations on the agreed project cost but the contract administrator was only willing to pay an additional £70,000.

Our Solution

We reviewed the account, identified ambiguities and recalculated the contract rates and monies owed.

The Result

The account was settled and included £240,000 in variations.
Final-account-settlement-of-a-high-end-residential-project

A closer look at our approach

We were approached by a contractor after the practical completion of a basement and high-end residential refurbishment in Kensington, London. The contractor was struggling to agree with the contract administrator on the final account and believed they were due an additional £340,000 due to variations and delays to the project, which the contract administrator was not prepared to pay.

We reviewed the final account claim and noted a significant number of ambiguities in the account as the contract documentation had not been managed in accordance with best practice. The information required to present the claim was either not present or not reliable.

We therefore advised that the contract sum document and all variations should be recalculated in order to establish the contract rates and monies owed. Based on the results, a full claim for the final account including £240,000 in variations was made to the contract administrator.

After several meetings between ourselves, the contractor and the contract administrator, the account was settled, including the £240,000 in variations.

“We started working with Multiproject last year and they are now our go-to partner for cost consultancy on our projects. Everything is delivered quickly and professionally and has helped us make some important decisions. They even advised us not to go ahead with some projects even though it meant them losing out on revenue, they always prioritised our needs like it was their own business and that kind of transparency is golden in this industry!”

MARTIN S

“Staying on budget and on schedule is so much easier now! Your team is a delight to work with. We would be happy to recommend you to our network. Thank you for all your help.”

Marion B

“Multiproject are a rare find! Everything was completed quickly and was easy to access and well presented. Would highly recommend”

JB, Developer client

“We never realized how much we needed help! Bart’s team helped us to move quickly and ensure our development stayed profitable and could be completed in the timescales we projected. They are always willing to help us, even at short notice, and everything is always done to a high standards and well presented which makes it easier tho find the information we need quickly. They also use the latest software and tools, and treated our business like it was their own, which meant we always had the best possible information to work with.”

Mark T

“Multiproject provided us with accurate construction cost estimation based on the up to date RICS and market data and precise material, labour and other costs. Bart and his team’s help in planning and managing our schedule and costs has been invaluable. My advice is for anyone thinking they can do it all themselves is to just give them a try. Multiproject are now a fundamental partner in our business now and we wouldn’t trust anyone else with our projects”

N Davies