Cost plan (Stages 2 to 3)

The external Cost Manager shall produce a full elemental cost plan based on the RICS New Rules of Measurement (NRM) at the end of Stage 2 and it is to include, but is not limited to:

1. Introduction
2. Executive summary
3. Financial summary
4. Key assumptions and exclusions
5. Benchmarking comparison
6. Value engineering opportunities
7. Initial life cycle opportunities
8. Key risks
9. Procurement strategy
10. Programme
11. Next steps
12. Appendices:
    a. Elemental cost plan (including insurances and confirmed level of VAT)
    b. Schedule of areas
    c. Basis of estimate

As the design for the project develops the Cost Manager shall continuously review the design, forecasting any cost deviation from the Design Brief cost estimate on an elemental basis and provide regular periodic reports to the Project Manager.