Project Management for Construction - Case Study Example

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The author of the paper "Project Management for Construction" will make an earnest attempt to examine and present the contract for the construction of offices and yards for Russ Ting metal Stockholders plc and report on its financial status…
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Project Management for Construction
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Download file to see previous pages The report presented here gives a detailed analysis of the examination of a contract on construction offices and yards with regard to a company named Russ Ting Metal Stockholders plc. The report is based on the financial requirements specified by the Commercial Department of the Contractor and evaluates the financial status of the company considering the different factors that tend to determine the financial status of the project. These factors would relate to profits of the project, company mission and objectives, the financial issues in the company, the contractual obligations, commercial aspects and marketing procedures, and also the raw materials used by the contractor. Recommendations are provided on how the contractor should control its commercial department and what are the points that should be emphasized to report on the financial status of the company.
This report is on the examination of contract No. 205 for construction of offices and yards for Russ Ting metal Stockholders plc. The report will consider the factors that have to be taken into account for determining the current financial and commercial status of the project. In this report, I would consider how these factors will affect the financial status of the project. For this, all the financial elements are considered in accordance with the following points. 
  • The contract sum is for £10,000,000
  • The contract is JCT 98 on a lump sum payment basis
  • The internally budgeted costs allocated by the contractor for this contract were £9,500,000
  • The total cost incurred by the contractor to date is £6,750,000
  • The total amounts paid to date to package contracts and suppliers is £6,200,000
  • The total amount certified for payment to the contractor by the client/employer is £6,750,000
  • The retention percentage is 10% prior to practical completion (for the main contract)
  • The amount received from the client to date is £5,850,000
  • The total amount certified for payment to package contractors is £5,800,000
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