Assessing the adequacy of contingency sum provided bypracticing quantity surveyors: A study of Kaduna state, Nigeria

Abstract

Contingency sum is usually provided in the project budget to cater for unforeseen events during project execution. This paper assessed the adequacy of contingency sum provided by practicing quantity surveyors in Kaduna State, Nigeria. Studies have shown that contingency provision hasbeen seen to be an inadequate mechanism with which to protect clients against risk.  This study utilizes a qualitative approach through the review of existing literature and semi-structured interviews to collect data. Data obtained, were analyzed using constant comparative analysis method. The research found that, the use of percentage is the most common method in determining contingency allowance which is largely based on the practitioners’ intuition and past experience, and has been considered inadequate. The study therefore recommended the application of formal risks analysis techniques in the calculation of contingency sum in order to improve its adequacy.

Keywords: Adequacy, Contingency Sum, Practicing Quantity Surveyors