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Construction finance and commercial control, explained

Plain definitions and practical construction finance guides for the people who run the numbers on projects, from CIS and retentions to CVRs and final accounts. Written by Eque2, the commercial and finance platform for construction.

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Definition
Estimating and tendering
What are preliminaries in construction?
Preliminaries (prelims) are the costs of running a construction site that don't belong to any one item of work.
Definition
Getting paid
What are retentions in construction?
Retentions are part of each payment held back until the work is finished and the defects period has ended.
Definition
Roles and numbers
What does a quantity surveyor do?
A quantity surveyor manages the money on a construction project, from the estimate and tender through valuations to the final account.
Definition
Commercial control
What is a CVR in construction?
A CVR (cost value reconciliation) is a report that compares the value a contractor has earned on a contract with the cost it has incurred to the same date, to show the real margin on that job.
Definition
Getting paid
What is an application for payment in construction?
An application for payment is a contractor's claim for the value of work done to date, made at each payment cycle in the contract.
Definition
CIS and construction tax
What is the VAT domestic reverse charge in construction?
The domestic reverse charge makes the customer, not the supplier, account for VAT on most construction services paid under CIS.

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