Fair and Reasonable Review
Planning, approach and costing assessments
At Overstone Pty Ltd, we ensure integrity and fairness in construction costing through our Fair and Reasonable Reviews.
These reviews assess and verify the accuracy and fairness of builders’ estimates, quotes and invoices, aligning costs with market standards and project specifications. This type of review can be undertaken before, during or after a project, and assists in the management of incumbent contractors and builders by entities engaging parties on multiple projects.
What is a Fair and Reasonable Review?
Fair and Reasonable Reviews are critical evaluations conducted by Overstone to ensure that the costs and practices of builders and tradespeople are in line with industry standards and expectations. These reviews can be applied at different stages of a project: during the initial assessment phase to evaluate builders' estimates and quotes, or as an audit after project completion to ensure all financial dealings were transparent and justified.
This process is particularly beneficial for clients who engage with builders on multiple projects, providing assurance that they receive fair pricing and honest service throughout the duration of their projects.
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The review aims to protect clients from potential overcharging and misleading practices, ensuring that every dollar spent is justified and brings value to their investment. By maintaining a standard of fairness and reasonableness, Overstone helps build lasting trust between clients and their contracted builders and trades.
Key Features
Assessment and Audit Capabilities: Conducts thorough reviews either before, during or after project completion to maintain financial integrity at all stages.
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Market Standard Comparisons: Benchmarks costs and practices against current market rates and standards to ensure fairness.
Transparency and Accountability: Increases the transparency of financial transactions and accountability of service providers.
Client Assurance: Provides clients with peace of mind that they are engaging in economically fair practices, which is crucial for long-term partnerships.
Strategic Insight: Offers strategic insights into the financial and operational aspects of construction projects, aiding in better decision-making.
Fair and Reasonable Review Process
Fair and Reasonable Review Registration
Review Issued to Assessor
Assessor Undertakes Review
Assessor Completes Review
Initial Request and Information Submission:
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Client provides key information associated with the claim to Overstone.
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Overstone acknowledges receipt and initiates the review process.
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Overstone undertakes a review of the information received.
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Overstone registers a job, implementing a specific workflow that has a high degree of automation.
Engaging Assessor:
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Overstone assigns an assessor to the matter.
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The job automatically follows a trigger-point workflow easing administration handling and ensuring efficiency during the assessment.
Undertaking of Review:
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The assessor completes the review, responding to structured questions, providing opinions and detail in an impartial and professional manner.
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Automatic triggers within the assessment form enable the quick identification of potential elements of concern.
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If the review determines that a Request For Information (RFI) is needing to be issued to the party being assessed, the workflow automatically triggers an alternate KPI pathway.
Completion of the Review:
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The form is submitted, and the Overstone system automatically progresses the matter according to workflow triggers to completion, issuing the report to the clients designated email address for these matters.