Glossary

Quantity surveyor (QS) report

What a QS report covers, why lenders commission one on construction finance, and how it feeds each progress drawdown.

A quantity surveyor, or QS, report is an independent assessment of a construction project's costs, verifying the cost-to-complete estimate at the outset and, through the build, confirming what proportion of the works is actually finished before each progress drawdown is released. Lenders commission their own QS rather than relying on the developer's or builder's cost estimates, since the QS report is what protects the lender from releasing funds ahead of genuine progress on site. For a borrower, the QS process adds a step and a modest cost to each drawdown, but it is also what keeps a construction facility disciplined, catching cost overruns or delays early rather than letting them compound unnoticed until completion. A QS report typically covers the cost breakdown, the build program, any variations to the original contract, and a running assessment of whether the project remains within budget and on schedule.

Related

Construction finance · Progress claim · Retention

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