COST MONITORING
A few of Vigilant’s most common questions from Owner’s and other project stakeholders are:
What is Cost Monitoring?
Why do I (an Owner) need this solution for my construction project?
I have been told by my financial institution that I need a third-party cost monitoring service to be eligible for my funding agreement? Can Vigilant help me?
Most Owners do not know what cost monitoring services are or why they are required to obtain them. Vigilant’s costing team is here to answer your questions so you feel confident and knowledgeable about your construction project.
To start things off, what is Cost Monitoring?
From a technical point of view, Cost Monitoring is the process of measuring and reporting the cost of a construction project over time to provide more financial oversight and control. This certification process is managed by an independent, unbiased Professional Quantity Surveyor (PQS). The PQS bridges the gap between financial institutions and clients, helping to forecast future expenses, and identifying issues early on in the project.
Why do I (an Owner) need this solution for my construction project?
Most large-scale construction projects require independent, third-party cost certification as a condition of financing. Banks must verify that their investment made in a project is being allocated properly. As the Contractor progresses on your project, they will submit invoices claiming a certain percentage of the work as complete. The Cost Monitor is responsible for verifying that their invoice aligns with the actual progress on the job site.
I have been told by my financial institution that I need a third-party cost monitoring service to be eligible for my funding agreement? Can Vigilant help me?
At Vigilant, we protect your financial interests. We are here to help guide you through the cost monitoring process and keep your project on track. As a registered member of the Canadian Institute of Quantity Surveyors (CIQS), we are certified to offer our monitoring service across Atlantic Canada. Our team of Cost Professionals, includes PQSs (Professional Quantity Surveyor) and CECs (Construction Estimator Certified) with over 20 years of construction experience. We have relationships with major financiers and significant experience managing project cash flows. We communicate regularly with all stakeholders to ensure everyone is informed of the financial status of the project. To learn more about our Cost Monitoring process and get in contact with our team, visit our page at https://www.vigilantatlantic.ca/cost-monitoring
