Payment Management

BPM Professional Services manage projects for both private individuals and commercial enterprises. The nature and size of the projects vary, as does the amount of money needed to pay for them and the process of how the payments are managed. BPM Professional Services can represent you and manage the following areas of the payment process.

Payment Terms

After completing the tendering stage and selecting the contractor, BPM Professional Services will represent you in negotiations over payment terms to seek the best suited to your budget. Once agreed BPM Professional Services will then ensure these terms are clearly stated within the contract in place with the contractor.

Payment Structure

Upon agreeing terms of payment, BPM Professional Services will issue a payment structure to all and an outline of the process and rules governing it. Again the structure will be negotiated to ensure the best available for the client, without detriment to the contractors ability to deliver the project. BPM Professional Services  will act as intermediaries in this process managing the sign-off/approval of invoices to be paid versus evidence of work completed to satisfaction, issuing payment notifications in a timely manner to the client and transferring funds to the contractor for payment.

Variation Process

In some projects variations may be requested by the client during the construction project. This may be due to unforeseen site issues or regulatory factors. In any case, this will involve a new cost that will be accounted for and attributed to either the contractor or client. BPM Professional Services can ensure this is covered by terms negotiated into the contract and that a clear and auditable process for these situations is included. BPM Professional Services team will govern this process on behalf of the client.

Guarantor

BPM Professional Services RICS chartered quantity surveyors are licensed to act as an independent guarantor or steward for funds. In certain circumstances, an independent guarantor is required to retain the funds on behalf of the client and will release to the contractor when stages of completion have been achieved. This can happen on larger projects, where the contractor needs to see a guarantee that funds are available to complete the build and the client can ensure that prompt payment can be made to the contractor once key stages of the project are completed to avoid time delays. This is particularly relevant where large sums are involved, or mortgage/financial investors dictate that funds can only be drawn with achievement of set targets.