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Staying on a Budget with the Commercial Construction Project Keeping the commercial construction project on a budget requires vigilance, creativity, determination in problem-solving and in diplomacy. This would begin at the moment that the project is conceived and such would continue all through the entire construction period. There are various reasons why the commercial construction project is going to go beyond the budget. Some causes cannot be evaluated adequately or budgeted like the delays and also the material losses that resulted from the natural disaster. However, various causes relate to poor planning as well as weaknesses in the method of budgeting. The cost overruns on the construction project happen even with the most careful planning and also the control efforts. Some of the common causes for those overruns would include poor estimating methods, lack of the well-defined scope of the project, unanticipated technical issues, escalating prices of materials and many more.
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Ensure that you have such complete document for the design. A project owner can provide the architect’s plan as well as specifications to the contractor knowing that each detail has been known. The agreement of such owner-architect would often need the architect to show the specifications and plans of the general design. Complete details may not be involved. The lack such complete design information would put the contractor in such position to demand more cash for work that had not been specified in the plans and specs. As a result, multiple change orders and also budget overruns can definitely happen.
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It is necessary that the owner-architect agreement must specify that the architects offer 100% complete specs, drawings and other important documents that are prepared by the engineers and those who are involved in the project. Moreover, it is really important that you review the documents prior to bidding. The contractor may look for additional compensation for the work needed that the contractor would say aren’t shown on the plans and specifications. The project owner’s contract language should include that all of the contractors who want to submit bids must affirm that they have already checked their plans and the specifications and know the scope and the intent of the project. The price should cover all of the required work to fulfill the express design intent. The project owner may face various pressures from the investors, shareholders and also the board members to receive the lowest bid. However, the lowest bidder isn’t at all times the best. You have to know that underbidding can be risky and costly. Find reliable contractors who have already completed the projects same with the present one. The contractor with a great track record of success and on-time builds as well as success in-budget would be more likely to guarantee the same outcomes in the project.