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What is 3rd party sign off?

As work progresses during a development it must be signed off by independent 3rd parties. We make sure that the contractor submits to these independent reviews of site progress as it allows us to ensure they are on track and are delivering the project to the correct standards and specifications that we and our investors expect. Following 3rd party validation, the contractor is paid for the value of the work achieved by that date of inspection.

Such reviews are generally common on developments especially when there is finance involved as lenders want to ensure that any funds that have been drawn down have been used and the expected work completed before they release the next tranche of funds.

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