Flowchart Design for Checking of Supplier’s Financial Claims

Abstract

This article deals with the topic of financial claims within a construction project. The aim of the article is to create a flowchart for the supplier’s financial requirements, which could serve as an aid for the participating entities in the framework of a dispute about the entitlement of the entities and partially standardize the control process. The article first presents the basic theoretical starting points, then it focuses on the analysis of individual types of financial claims and suitable valuation documents, in the end it proposes a flow chart that summarizes the process of control of claims. The research results in this paper involve the development of a flowchart to standardize and simplify the process of verifying and managing financial claims in large construction projects, aimed at efficient risk management and fair financial compensation.

Keywords

• claim management
• construction costs
• cost estimating
• supplier’s financial claims
• risk management