KOC offers a full range of fund/bank monitoring services for private investment funds and financial institutions. Duties include the following:
Preparation of Feasibility Reports
Inspection of the development, examining all reports, valuations and other information submitted by the bank’s clients that may have an effect on the estimated cost of the development.
Checking whether proposed development costs are accurate and sufficient to complete the proposed development over the proposed period.
Confirmation that the construction drawings and specifications are fully developed and that we do not anticipate substantial quantity variations.
Confirmation that all planning permissions, health and safety requirements, environmental regulations and building regulations have been complied with.
Commenting on the site conditions, environmental impact and appropriateness of all surveys furnished.
Commenting upon levels of insurance and professional indemnities.
Preparation of Progress/Drawdown Reports
Throughout the term of the development, monthly progress reports regarding the status of the development have to be submitted to the bank to facilitate draw downs. This includes:
Inspection of the development, reporting on progress and quality of works in comparison with KOC’s estimated period to complete building works.
Ensuring that the bank’s client complies (i) with the grant of planning permission (ii) that they are in accordance with their proposed building programme and within terms of the building contract.
Immediately advising the bank if any problems evident from inspection of the building works arise during course of the building works which may affect the value of the bank’s security.
Notifying the bank if there will be a deviation in the anticipated completion date, attend development meetings, analyse and certify all drawdown requisitions, prepare drawdown summaries per consultant, cashflow statements, drawdown versus cost analysis and provide minutes of development meetings as well as details of any variance in the contract drawings and cost reports.
Project Completion Report
Upon completion of the development the bank will require a report confirming that practical completion has been achieved in accordance with the specifications.