Understanding the Key project life cycle stages & whole life cost (of a building).
The life cycle of a building typically consists of several stages, including: Planning and design: During this stage, the project team develops the overall concept and design for the building. This may involve site selection, analysis of the local environment, and consultation with stakeholders. Pre-construction: This stage includes activities such as obtaining financing and regulatory approvals, developing detailed construction plans and specifications, and securing contract
Understanding Contractors' All Risks Insurance
Contractors' All Risks Insurance (CAR policy) is a type of insurance policy that provides coverage for contractors working on construction projects. It covers a wide range of potential risks and losses that may arise during the course of a construction project, including loss or damage to the works being constructed, as well as third-party liability. CAR policies typically include coverage for physical loss or damage to the works being constructed, as well as any materials, e
Top 10 Things your will NEVER tell you.
Your project may take longer than expected. Building projects often encounter unexpected delays due to a variety of factors, including inclement weather, material shortages, and changes in the scope of the work. The initial estimate may not be accurate. Building contractors often provide initial estimates based on incomplete information, and the final cost may be higher once all the details are worked out. The contractor may not be fully licensed and insured. It's important t
PESTLE analysis and an example of an Dublin based Construction Company
PESTLE analysis is a framework used to analyze the external macro-environment in which a business operates. It stands for Political, Economic, Sociocultural, Technological, Legal, and Environmental factors. Political factors refer to the influence of government on the business, including regulations, taxes, and policies. Economic factors include economic growth, exchange rates, inflation, and unemployment rates. Sociocultural factors include cultural values and demographics,
Understanding Liquidated Damages
In construction projects, liquidated damages (also known as delay damages) are a sum of money that is agreed upon in advance by the parties to the contract as compensation for any delays in completing the project. They are typically included in the contract as a way to incentivize the contractor to complete the work on time, as well as to compensate the owner for any losses they may incur as a result of the delay. The amount of liquidated damages is typically based on the exp
Understanding Arbitration and Mediation
Arbitration and mediation are two methods of alternative dispute resolution (ADR) that can be used to resolve disputes in the construction industry. Both arbitration and mediation are alternatives to going to court, and they can be faster and less expensive than traditional litigation. However, there are some key differences between the two. Arbitration is a process in which an impartial third party, known as an arbitrator, hears both sides of a dispute and makes a binding de
Understanding Quantum Meruit Claims
Quantum meruit is a legal principle that allows a person to be compensated for the reasonable value of the work they have performed, even if there was no express agreement for payment. This principle is often applied in cases where a person has performed work or provided services on the assumption that they would be compensated, but there is no written contract or other formal agreement in place. For example, if a contractor is hired to perform renovations on a home, but the
Understanding Work Breakdown Structure (WBS for Construction.
A Work Breakdown Structure (WBS) is a tool used in project management to define and organize the total scope of a project into smaller, more manageable parts. It is a hierarchical structure that breaks down the project into phases, deliverables, and tasks. In construction, a WBS can be used to identify and organize all the work that needs to be done in order to complete a construction project. This includes all the activities, tasks, and resources required for the project, as
Selective tendering is a procurement process in which a client invites a select group of pre-qualified contractors to bid on a construction project. This process is used when the client wants to ensure that only the most qualified and experienced contractors are considered for the project. Some advantages of selective tendering include: It allows the client to choose contractors who have proven experience and expertise in the specific type of work required for the project. It
The Agreed Rules of Measurement (ARM) is a set of guidelines for standardizing the measurement and presentation of building work in bills of quantities or pricing documents. The purpose of ARM is to ensure that such documents are clear and reflect good practices, facilitate understanding of the work included, and facilitate efficient pricing, tender assessment, and post-contract administration of construction projects. ARM was developed in 1994 by a joint committee of t