Interim Valuation
- General Procedure
- Prior to issuing interim certificate , a QS must prepare interim valuation .
- Main items to be considered
- Measured work , including preliminaries
- Value ofvariations and extras .
- Values of nominated sub-con and suppliers works
- Fluctuations
- Unfixed materials on site
- Retention monies
- Previous payments .
- Valuation - as accurate as possible
- Contractor is entitled to total values of work properly executed less a specified % of retention .
- Improperly retained sum could strain contractor - pay his debts .
- Employer must be protected against over payment , if insolvencies of contractor occurs , extra payments cannot be recovered . Liable to extra cost of selecting another contractor .
- Amount of measurement to be depends on nature and complexity of works and the stage they have reached .
- Common practice = contractor and QS meet regularly for the purpose of measuring works .
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