Lender's Supervision
Range of activities for financial institutions
Preliminary Phase
Preliminary Phase
One report before commencement of project - Initial Report
- monitoring official decisions necessary for the execution of construction
- analyzing the completion of contract terms
- checking other documents relating to a project
- monitoring work schedules
- monitoring construction budgets
- monitoring and assessing work carried out including payments for finished work
Implementation Phase
Implementation Phase
One report and one visit of construction site per month - Monthly Report
- evaluating the effectiveness of sub-contractors in view of their procedures regarding construction, expenses and quality
- monitoring a project in comparison with the schedule of the sub-contractor or developer
- commentaries for each potential delay, including suggestions for rectifying these delays
- monitoring the work carried out for a given month
- monitoring adherence to financial limits
- establishing compliance of work carried out to authorized standards, documentation and designs of the developer
- information regarding the discovery of fundamental flaws
- participation in monthly meetings of developers and sub-contractors
- checking whether funds from the loan or credit are used in compliance with provisions of the loan contract
Project completion and handover of construction / final accounting
Project completion and handover of construction / final accounting
Two reports and two site visits - Final Reports
- a description of the state after completion of the construction, inspection and handover
- the situation regarding the rectification of flaws and arrears
- the situation regarding claims and the negotiation of additional work
- data for extending the warranty on equipment and facilities
- monitoring the handover of relevant certificates
- the condition of all specified guarantees relating to sub-contractors according to contract
- condition of documentation of work carried out, manuals and maintenance handbooks and other necessary documents
- after final accounting: the state of completion of all requirements presented in the final report and the submission of a final closing report
After unveiling
After unveiling
Report and visit of the construction - 12 months after completion of work
- state of rectification of flaws and arrears (new, corrected)
- state of complaint adjustments
- state of sale
- state of monitoring maintenance