Here are some key tips to check on in cost control:

Establishment of payment terms – these involves whether the appropriate time of payment and can be based on milestones or on time. As for milestones it calls for payment depending on the stage of construction whether foundation, walling or roofing. Once done then the money is released. Payment based on time is based on the monthly valuations or after 2 months and subject to retention sums.

Waste management – proper supervision is key to minimize material waste so as to save on the cost of frequent purchases. Items should be sparingly used such as dismantling of formwork with caution so that it can be used for the next element of work.

Risk management – all risks should have been eliminated at initial planning stage. However, should others emerge along the way then they should be minimized, for example theft and accidents. The small accessories such as nails tend to be stolen which leads to extra costs when repurchasing. Again, site accidents such as collapsing of walls during excavation is also subject to rework.

Labour control – you must check the productivity of the workforce. It does not always mean that if you hire a huge labour force you will complete the work faster since it may also encourage laziness. Again, this workforce is consuming so much from funds from labour aspect and may inflate the cost. Again, practise subletting specialists works especially for electrical and mechanical services.

Programme of works – prepare a comprehensive work programme that identify project lags so that if possible you may divert a certain funding to avoid repetition. For example, when tiles are to be delivered later for finish up the main structure auxiliary works may begin such as the boundary wall.

Value engineering – this involves identifying opportunities for cost savings without compromising the project’s quality or functionality. It involves analysing alternatives, evaluating trade-offs, and selecting the most cost-effective options. For example, in space allocation, you can revise some provisions made so as to reduce the gross area and consequently the cost.

Variations – variations should be limited as per the contract agreement since they tend to inflate budgets in the long run. For example, replacing flush doors for mahogany doors is huge cost inflation factor.

Material audits – always check on the quantity and quality of materials delivered on site. It’s very important so as to ensure no comprise is made from the supplier. If 100 bags were to be delivered and only 90 have arrived yet what was paid for is 100 then there is a problem.

Disputes and claims – disputes is also part of a risk and should be eliminated by all means. It calls for an emergency funding and consumes a lot of time. This inflates the overall cost.