Intercontinental Consultants & Technocrats Quantity Surveyor Contracts Interview Questions and Answers

Billing in a Hybrid Annuity Model involves structured payments based on project milestones and performance metrics.

• Initial payment: A significant upfront payment is made to the contractor upon project award.

• Milestone payments: Payments are made at various stages of project completion, such as after achieving 25%, 50%, and 75% completion.

• Annuity payments: After project completion, the contractor receives periodic annuit...read more

Schedule verification ensures project timelines align with contractual obligations and resource allocations.

• Review project baseline schedule against current progress to identify discrepancies.

• Conduct regular meetings with stakeholders to discuss schedule updates and changes.

• Utilize software tools for tracking progress and generating reports, e.g., Primavera or MS Project.

• Implement Earned Value Management (EVM) to asses...read more

EPC projects utilize various payment structures to manage costs and ensure timely payments for Quantity Surveyors.

• Lump Sum: A fixed price for the entire project, common in EPC contracts.

• Unit Rate: Payment based on the quantity of work completed, e.g., per square meter.

• Cost Plus: Payment for actual costs incurred plus a fee, often used in complex projects.

• Milestone Payments: Payments made upon reaching specific project ...read more

A change of scope refers to modifications in the project's original objectives, deliverables, or requirements.

• Change of scope can arise from client requests for additional features, such as adding a new building wing.

• It may occur due to unforeseen site conditions, like discovering hazardous materials that require remediation.

• Regulatory changes can also prompt a change of scope, necessitating adjustments to comply with ...read more

Scope change is essential to adapt to project needs, ensuring alignment with objectives and stakeholder expectations.

• Adapting to unforeseen circumstances, such as site conditions that require design modifications.

• Incorporating new regulations or standards that were not in place at the project's inception.

• Responding to client requests for additional features or changes in project deliverables, like adding a new building...read more

The process involves documentation, assessment, and formal certification for scope changes in contracts.

• 1. Identify the change in scope: Document the reasons for the change, such as design modifications or client requests.

• 2. Assess the impact: Evaluate how the change affects costs, timelines, and resources. For example, if a new material is requested, analyze its cost implications.

• 3. Prepare a variation order: Draft a ...read more