A formal cost plan stage is the point at which the quantity surveyor or cost manager formally submits an elemental cost plan to the client for consideration. The formal cost plan stages are linked to the relevant RIBA Stages and OGC Gateways.
Aligning cost reporting with the design stages means the client receives a cost check at each point where it is asked to approve the design and commit to further expenditure. At each formal cost plan stage the client should be able to see whether the design remains within the cost limit and, if not, what options exist to bring it back. The QS should agree the timing of each stage at the outset, so that the design team issues information in time for the cost plan to be prepared and reviewed before the stage is signed off.
Related terms: Formal Cost Plan, RIBA Plan of Work, OGC Gateway, Cost Limit.
