Version: 1.0

Effective Date: 09 January 2025

Approved By: Managing Director - Bellewood Limited

1. Purpose

This policy outlines the principles and standards under which Bellewood Limited provides construction estimating, cost planning, quantity surveying, and tendering services including any other services of whatever nature. The policy is intended to ensure that all services are delivered ethically, professionally, transparently, and in the best interests of our clients while protecting the integrity of our business.

2. Scope

This policy applies to all employees, contractors, consultants, and representatives engaged by Bellewood Limited, as well as all estimating, tendering, and cost advisory services provided to clients.

3. Professional Standards

We are committed to:

• Providing estimates and tender documentation prepared with reasonable skill, care, and diligence using the information available at the time.

• Acting honestly, ethically, and professionally in all dealings.

• Maintaining independence and objectivity in our advice.

• Treating all clients fairly and consistently.

• Complying with all applicable laws and industry standards where possible.

4. Conflict of Interest

To maintain impartiality and trust:

• We will disclose any actual, potential, or perceived conflict of interest as soon as it becomes known.

• Where a conflict cannot be appropriately managed, we may decline or withdraw from the engagement.

• Employees and contractors must immediately report any personal, financial, or business relationship that may influence, or appear to influence, their professional judgement.

5. Confidentiality

All client information will be treated as confidential.

We will take reasonable care to:

• Protect all plans, specifications, pricing information, commercial data, and project information.

• Only disclose confidential information where authorised by the client, required by law, or necessary to perform agreed services.

• Store information securely and take reasonable steps to prevent unauthorised access.

• Not use confidential information for personal gain or to benefit another party.

• Clients acknowledge that certain information may need to be provided to subcontractors, suppliers, consultants, or tenderers solely for the purpose of obtaining quotations or preparing tenders.

6. Trustworthiness and Ethical Conduct

Integrity forms the foundation of our business.

We will:

• Provide advice that is honest and based on our professional judgement.

• Avoid misleading or deceptive conduct.

• Not knowingly manipulate estimates to secure work or influence project decisions.

• Communicate openly when assumptions, uncertainties, or risks may affect project costs.

7. Transparency of Costs and Inclusions

Our estimates are prepared to provide the most accurate assessment possible based on the information supplied or available at the time of preparation.

Each estimate will, where reasonably practicable:

• Clearly identify included work.

• Clearly identify exclusions.

• State assumptions made during preparation.

• Identify provisional allowances where exact costs are unknown.

• Identify contingency allowances where applicable.

• State the date of pricing.

• Identify pricing sources where appropriate.

Clients are encouraged to seek clarification on any item they do not understand before relying upon the estimate.

8. Nature of Estimates

Construction estimates are forecasts prepared using available information and market conditions existing at the time.

Clients acknowledge that:

• Material prices, labour rates, subcontractor pricing, freight costs, taxes, exchange rates, and market conditions may change without notice.

• Design changes, incomplete documentation, unforeseen site conditions, statutory requirements, supplier availability, and client variations may affect actual project costs.

• An estimate is not a fixed-price contract unless expressly stated in writing.

9. Client Review and Verification

The client remains responsible for reviewing all estimates, quantities, assumptions, inclusions, exclusions, specifications, drawings, calculations, and tender documentation including any other service provided by Bellewood Limited before relying upon them for any commercial decision.

Before accepting or submitting any tender or entering into any construction contract, the client agrees to:

• Carefully review all documentation.

• Confirm that the estimate aligns with the project scope.

• Verify quantities, measurements, specifications, and pricing where appropriate.

• Raise any questions or discrepancies before reliance or submission.

The client acknowledges that independent review by suitably qualified professionals may be appropriate for significant or complex projects.

10. Limitation of Reliance

Our estimates are prepared using information supplied by the client and other available project documentation.

Unless otherwise agreed in writing:

• We rely on the accuracy and completeness of information provided to us or at the time of tendering.

• We are not responsible for omissions, inaccuracies, or errors contained within information supplied by others or in our estimates in general.

• Estimates should be read together with all assumptions, exclusions, qualifications, and supporting documentation.

11. Indemnity

To the maximum extent permitted by applicable law, the client agrees to indemnify and hold harmless Bellewood Limited, its directors, employees, contractors, and consultants from claims, losses, damages, costs, expenses, or liabilities arising in whatsoever nature or amounts from:

• the client's failure to review the estimate or tender documentation;

• reliance on the estimate;

• modifications made by the client or third parties after the estimate has been issued;

• the provision of inaccurate, incomplete, or misleading information by the client or third parties; or

• use of the estimate for purposes other than those for which it was prepared.

Nothing in this policy excludes or limits any liability that cannot lawfully be excluded under applicable legislation.

12. Limitation of Liability

To the extent permitted by law, our total liability arising out of or relating to the estimating or tendering services provided shall be limited to 10% of the amount of fees paid by the client for those specific services.

We shall not be liable for direct, indirect, consequential, special, or economic loss, including loss of profits, business interruption, opportunity costs, financing costs, or project delays, except where such liability cannot lawfully be excluded.

13. Client Responsibilities

The client is responsible for:

• Providing complete and accurate project information.

• Advising of any changes to scope or design.

• Reviewing all estimates and/or other documentation issued by Bellewood Limited for fulfilling their tasks in their entirety before relying upon them.

• Obtaining legal, engineering, architectural, financial, and other professional advice where appropriate.

• Ensuring all final construction contracts accurately reflect agreed pricing and scope.

14. Amendments

This policy may be amended from time to time. Bellewood Limited reserves the right to change the policy at any time without notice and shall apply to all current and future projects.

15. Acceptance

By engaging Bellewood Limited to provide any of its services, the client acknowledges that they have read, understood, and accepted this policy and agree that it forms part of the terms under which the services are provided.

Authorised by:

Ali Karim BSc Hons ACIArb

Bellewood Limtied

09/01/2025