RICS Releases Standards in Accelerating Construction Process

Applicable for all types of building projects in Hong Kong

HONG KONG, July 7, 2011 /PRNewswire-Asia/ -- RICS has recently launched new guidance for its members, which will assess the costs and benefits of speeding up the construction process. With the recent discussions taken place over construction time of certain public estates, this can serve as a quick guide to chartered quantity surveyors, contractors and construction professionals in how to speed up construction process and how projects can be delivered ahead of schedule. As a result this will bring along cost effective and benefit to the overall construction and building projects in the industry.

Acceleration addresses how speeding up the completion of construction projects can be achieved and what financial value can be placed on doing so. It also highlights the legal and financial repercussions associated with accelerating projects, and offers best practice guidance for contractors and clients.

A client may wish a contractor to complete a project early in order to avoid the building being handed over late. Alternatively, a projected delay to the completion date may have serious financial and logistical repercussions. In these circumstances, it may be in the employer's interests to accelerate the works, rather than to face the consequences of the building not being ready when required.

A construction contractor may wish to accelerate progress to reduce site running costs, to free up site staff for work elsewhere, or may need to ensure completion by the contract completion date, so as to avoid liability for liquidated damages.

In addition to offering guidance to contractors and construction clients, Acceleration also provides advice for quantity surveyors, who are often tasked with assessing the practicalities, risks and costs involved. In particular, it is likely to fall to the quantity surveyor to review and comment on any acceleration quotation provided by a contractor.

Mr Kenneth Kwan, RICS Hong Kong Vice Chairman and QS & Construction Professional Group Committee Chairman, commented, "This is a guidance note very useful to the members in Hong Kong. Acceleration is also a common issue we have to deal with more or less in the same approach as the UK practice. The guidance note is a very comprehensive reference document looking at the issue from all angles and in different depths."

If you would like to order the guidance, please visit at the link below:

http://www.rics.org/site/scripts/press_article.aspx?pressreleaseID=548

About RICS & RICS Asia

RICS is the world's leading qualification when it comes to professional standards in land, property and construction.

In a world where more and more people, governments, banks and commercial organisations demand greater certainty of professional standards and ethics, attaining RICS status is the recognised mark of property professionalism.

Over 100 000 property professionals working in the major established and emerging economies of the world have already recognised the importance of securing RICS status by becoming members.

RICS is an independent professional body originally established in the UK by Royal Charter. Since 1868, RICS has been committed to setting and upholding the highest standards of excellence and integrity – providing impartial, authoritative advice on key issues affecting businesses and society. RICS is a regulator of both its individual members and firms enabling it to maintain the highest standards and providing the basis for unparalleled client confidence in the sector.

The RICS Asia supports a network of over 11,000 individual professionals across the Asia Pacific region with an objective to help develop the property and construction markets in these countries, by introducing professional standards, best practice and international experience. It promotes RICS and its members as the natural advisors on all property matters. It also ensures that services and career development opportunities are provided to members.

The RICS Asia region covers national associations and local groups locating in Brunei, Malaysia, Singapore, Thailand, The People's Republic of China and the SAR Hong Kong. It also has members working across the region such as Bangladesh, Bhutan, Burma/Myanmar, Cambodia, Indonesia, Japan, Kiribati, Laos PDR, Macao, Mongolia, Nepal, North Korea, South Korea, Taiwan, The Maldives, The Philippines, Timor East and Vietnam. For more information, please visit: www.ricsasia.org.