In this extended paper we took a deep dive into cost assurance best practice with regard to reimbursable subcontracts. We shared the whole journey of a subcontract, from setting it up for success, to spotting the warning signs, right up to the most common mischarges we typically find at final account. We hope you find the tips and hints valuable.
INTRODUCTION
Under cost reimbursable or target cost arrangements, clients and main contractors need to know that they are paying the right amounts to their subcontractors. Yet there is no “best practice” in the construction industry regarding cost assurance, as the work carried out isn’t regulated. In our experience there are many client and contractor organisations out there who are:
- Planning assurance work poorly
- Using ineffective audit techniques to deliver assurance
- Needlessly spending money on ineffective and expensive cost assurance
This paper distils much of the learning we have gained from our experience as the leading UK provider of cost assurance on major capital projects over the last 20 years.
We hope it will provide an insightful read
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