ABSTRACT
Interim valuations are for work completed during each month of the contract and are a standard feature of construction forms of contract. Variations to the works tendered for are almost certain to occur for some reason or other. The valuation for the interim certificate is the gross agreed valuation of work less any amount deducted for retention and materials on and off the site. While the majority of items have the retention percentage applied to them, there are some payments the contractor has to make that are exempt from this. These are all materials delivered and stored on the site that the contractor intends, within the foreseeable future, to become part of the finished building. When building up a claim there are several cost centres that when added together form the basis for the claim. The claim will normally be based upon hire invoices and bills for the accommodation, plant, and for the heating, insurance.
