Managing Your Budget in Construction: Adjustments & Transfers Made Easy
In the world of construction, flexibility and maintaining control over your budget when project scope changes happen is essential for successful project management. That’s where Adjustments and Transfers come in!
Adjustments:
Adjustments, or budget adjustments, allow you to amend your contract and budget values before the first progress claim is raised. These are perfect for making changes once the project has started but before any claims are submitted. Whether it’s a small change in scope or an unforeseen issue, Adjustments help you keep everything on track without disrupting the overall flow of the project.
Key Benefits of Adjustments:
- Adjust contract and budget values early in the project lifecycle.
- Available for Design & Construct, Cost Plus, and Construction Management job types.
- Allows for changes once the job has started, before any claims are made.
Transfers:
Transfers (also known as trade transfers) give you the ability to reallocate budget funds between trades without changing the overall contract or budget. This flexibility helps you manage the movement of money between different trades or project areas without requiring client-side variations.
Key Benefits of Transfers:
- Move funds between trades without affecting the total contract value.
- No need for client-side variations.
- Available in Design & Construct, Cost Plus, and Construction Management job types.
Why Use Adjustments & Transfers?
Both tools allow for flexibility, ensuring you can adapt to changing circumstances on the ground while keeping your budget intact. Whether you need to adjust initial values or simply move funds between trades, these tools keep your project moving forward smoothly.
If you’re managing a construction project, Adjustments and Transfers can help you maintain financial control and ensure your project stays within budget and on track when project scope changes occur.
