What is a valuation and who carries it out?

Valuation is the process during the construction phase, that the Contract Administrator is checking the works progress and verifies it before issuing a payment certificate (Interim/Final) to the Client.

A site visit is essential to determine if all the works suggested by the Contractor to have been completed, have actually been implemented according to the contract documents. It is the Contract Administrator’s responsibility to check what the extend of the completed works is and describe it in the certificate. Checking of the works can be for either specific stages/milestones that the project has reached or in the interval that have already been agreed. This means that works completion at the time of the valuation, can also be expressed as a percentage of the overall works and paid respectively.

When the Contract Administrator is satisfied with the result for the specific part of the works, a payment certificate can be issued to the Client for payment within 14 days from the date it’s issued.

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