Construction Progress Monitoring (CPM)
When our Clients need monthly inspections, Partner will conduct construction progress monitoring to ensure that the proposed improvements at the subject site are progressing as required in the contract/agreement. Partner will confirm information provided by the Client and assess the status of the project, the construction operations, and the status of the collateral. Partner’s inspector will visit the site as directed or on a pre-arranged schedule and prepare a written report to determine if the required improvements have been completed and are in compliance with the Client’s scope of work. While on site, Partner’s inspector will conduct, at a minimum, the following reviews:
- Observe the construction work and establish its level of completion.
- Assess general conformance with the Bank’s understanding of the GC Contract.
- Assess the adequacy of material and workmanship.
- Verify conformance with the provisions of the construction loan agreement.
- Verify the adequacy of the contractor’s application for payment.
- Identify and report construction changes and potential and pending change orders.
- Identify and report status of stored materials and if requested, off-site materials.
- Assess the conformance to the construction schedule.
- Verify quality control measures by applicable agencies, architect and engineers, material testing laboratories, and qualified construction inspectors.
- Assess adequacy of the labor on site, and address any potential work hindrances or stoppage.
- If requested, evaluate sufficiency of funds remaining to complete the project and provide recommendations as appropriate.
- Confirm that all major contract applications for payment invoices are accompanied by a current conditional and unconditional lien release.