Interim Valuation

• General Procedure
• Prior to issuing interim certificate , a QS must prepare interim valuation .
• Main items to be considered

1. Measured work , including preliminaries
2. Value ofvariations and extras .
3. Values of nominated sub-con and suppliers works
4. Fluctuations
5. Unfixed materials on site
6. Retention monies
7. Previous payments .
8. Valuation - as accurate as possible
9. Contractor is entitled to total values of work properly executed less a specified % of retention .
10. Improperly retained sum could strain contractor - pay his debts .
11. 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 .
12. Amount of measurement to be depends on nature and complexity of works and the stage they have reached .
13. Common practice = contractor and QS meet regularly for the purpose of measuring works .